Joe, its these mnuchin headlines getting something done in terms of stimulus by the election, he says, is tough. That caused a bit more of a selloff in stocks and it underscores why the nasdaq continues to have a bit under it yes, it does clearly and youre also seeing a little bit of a fallback in yield, scott. The tenyear is pushing back towards 70 basis points, somewhat troubling, i would think the market needs a little bit of some of the Forward Momentum that its been carrying in the last week or so to really cool off a little. I think we were getting a little too vertical in the way we were appreciating so the negative news that youre getting on the stimulus aligns with maybe a much needed little bit of pause in that rate of appreciation im not overly concerned by it. Yeah, rates are falling you see it there 71 basis points is where we are on the tenyear, an issue to deal with, tiffany, or perhaps the message in the fall. Everything is coming down on the mnuchin comments but its more broadly and lately where tiffany, tech, tech has got this bid but youre looking at what would be helped by stimulus. Jpmorgan, disney, fedex, u. P. S. , all things youve added to recently yeah, so weve definitely added to those positions and more Different Reasons ive spoken about jpmorgan, quite a bit on the show. We like their diversified revenue stream they had a really great earnings day yesterday. We expected that so we did buy ahead of the Earnings Announcement and so, you know, banks really kind of having an interesting week this week so, you know, we also like Goldman Sachs and own it they had, you know, favorable Earnings Report. But were kind of getting back to what you were saying, scott, were being very, very selective about what were purchasing. You know, fedex, disney, disney with that big announcement, i believe, yesterday, we do believe there are sen names well positioned to do well going forward, not just in a pandemic versus nonpandemic environment, but we really do believe that the world has changed with qods and we definitely have a new normal so who is going to be best positioned, what types of companies are going to be best positioned to take advantage of things going forward. Certainly, jim, we get the zooms and pelotons and crowdstrikes which peloton and crowdstrike hit new highs and recall have had a tremendous run in the month of october. Peloton is up 34 . Cloudflare, 44, i could go down the list but is it now that cut and dry for investors watching this program stimulus or apparently, you know, on a positive track towards stimulus means you buy the reopen stocks and as long as we remain at an impasse or with an inability to do anything before the election, you just continue to buy the stocks from tech, from high growth that have gotten us here in the first place . Well, yes, unfortunately is the short answer now, let me add to that the other fact which is weighing on the markets is the lack of progress on a vaccine and we had disappointing news from Johnson Johnson and eli lilly and the point is that the market is swinging back and forth. Scott, it was only 2 1 2 weeks ago we were in an actual correction down 10 from the high thats almost entirely been recovered and its been thats mostly been on the belief that stimulus would come dont lay all your bets on the pelotons of the world nor are you supposed to play them all on the Airlines Just at the other end of the spectrum. What you are supposed to do, believe that stimulus is going to come at some point in time probably not before the election but after the election, highly likely similarly a vaccine, nobody can time it, okay. We might not even get a vaccine. It might be a question of just getting suitable treatments. When does it come . Nobody knows, okay, but you should bet on science here that we are going to cure this thing in order to enact this in your portfolio, what you have to do is not trade on this weeks headlines, but trade on where the market is going to be six months from now. Six months from now it should be in a full recovery it doesnt mean sell all of your stay at home stocks but have a balance between some reopening names and a lot of the tech stalwarts that have brought us this far. John, as long as stimulus remains elusive, can you feel confident buying anything but growth tech . Hmm, the confidence level goes up with some sort of agreement, some sort of i dont even know, scott im so frustrated by the lack of this stimulus but lets focus on your questions about where we can actually make some money here fedex to tiffanys point is one of the best performing stocks, new 52week high she is exactly right im lucky to have it in my portfolio as well. Its even outperforming the likes of apple, scott. So this is a stock that will do well regardless of if we get that stimulus or if we dont now, certainly if we do, scott, obviously some we need a vaccine and stimulus to have the airlines and the consumer facing stocks, the direct facetoface where you walk into a restaurant, into a hotel, onto an airplane, onto a cruise ship. We need a vaccine as well as stimg to make those much more attractive, scott, but i think a stock like fedex is just going to continue to outperform even some of the best performers among the f. A. N. G. S quite frankly. Now youll have the netflixs and the teslas continue to do well as well, i believe, but fedex, that thing has just got a tremendous Balance Sheet and demand like crazy, scott. Joe, what is the big rebound in big tech tell you about the safety of the investor right now and where the best bets are going to be made was septembers pain is clearly octobers gain, okay amazon is down 9 or so in september and now its up 8 1 2 in october apple down 10 in september, now its up almost 5 in october facebook down 10. 5 gets half that back now, microsofts down 7 in september its up 6 in october clearly there is a willingness to buy the dip in these megacap names. Its called defensive exposure investors are seeking solutions that look like bond proxies, exactly what growth is its defensive in its nature, scott, and to answer your question without stimulus, you cant create the enthusiasm or the confidence that is needed to buy some of the value oriented return to work type of equity names. You have to stay with growth its 40 of the s p. Its whats working. Its got the Free Cash Flow generation its got double digit Revenue Growth and its got the compelling performance and its got the strength of liquidity so all of those conditions attract me as an investor. Whether or not you get stimulus and certainly if you tell me youre not getting stimulus, i want to remain defensive in my mauer nature and thats what growth is. To what end, tiffany . I get with it the meg cap names. Peloton, the positive call and 144 is where the price target goes from 115. Docusign, 290 price target, 20 upside from here its up 220 year to date. Peloton up 370 year to date i get all of the reasons why these continue to be favored by investors but to what end . Yeah, so i think were asking that were not asking the right questions. Again, the entire world has changed. So, you know, were not talking about a traditional recession, were not talking about like traditional were not talking about valuation in the traditional sense. Our world has completely changed so, you know, everything from how people work out and, you know, how people conduct business and people have to sign, you know, sign contract, thats all changed you know, prior to february 2020, we were able you know, we had choices now we dont have choices and even though, you know, i do believe were going to get a vaccine, all of that is positive news, but thats not the case right now and, you know, were not going to see any kind of a real, you know, measured progress and so not until pretty much the middle of 2021. Even in saying that what the pandemic has done is brought everyone into a space where you have to do everything virtually where your total way of life, way of doing business has changed and i again maintain that were not going to go back to where we were before so as were thinking about peloton and thinking abo thinking docusign, who are their competitors . Do they have the market . You know, there are a couple of companies coming out with pelotonlike bikes, but they werent first. Theyre copycats and peloton really just has the entire market and we saw, you know, really go ahead this is the debate, though, pardon me for interrupting this is the good debate we can have between you and jon is this idea of you say repeatedly the world has changed as if even when you get a vaccine, some of these trends that weve seen are not going to go back to the way they were whereas, jon, it sounds to me like youve been making the case and almost repeatedly yourself as when you do get a vaccine the world will go as close back to normal as it can. Will people still be interested in peloton, sure will they still work with zoom, yes. But some of the broad trend also start to work themselves out once you get a vaccine am i right, doc, or wrong . You are right, scott, and the issue there is, of course, does the vaccine start dribbling out if you will at towards the end of this year, 2020 or does it really wait until the middle of next year because given those time lines, i could give you a much better picture of when i think those other businesses will go back towards normal but when you see the dramatic drops in, you know, whether its the Airline Stocks in particular, of course, that bill was refused, the airline only part of the stimulus just recently, if we get that i think the tsa data already suggest, scott, that people are traveling much more already give than they dont have a vaccine and that they have some therapeutics perhaps but theres a lot more through the tsa when you look at that High Frequency data theres a lot more travel going on from right now, scott. I get you, jon. Lets be clear a lot more from zero. Yeah. Its still not a lot. I guess is what i want to say, ed bastian said. You have united with their earnings and youll hear from i believe the ceo on this network as well. A lot more than what was zero. Its still going to take a long time until sometime in 2021 at the earliest to get anywhere back towards and i hate to use the word normal because nobody knows what that means on the other side of covid. Right, to your point also, scott, when we do get back towards normal how many businesses will have made the decision that i dont need to have people moving around as much as they did because of costs and also because as these secure platforms become better and better, that instanteity, im making that up, lets jump on a zoom right now. Lets get on the meet with any of these teams with microsoft, i think all of those things do put a pressure on how much we need to be moving around which, of course, hurts a little bit the airlines which are going to be cutting capacity like crazy as well as some of these hotels which many of them will become basically rental properties for tenants rather than hotels. I mean by the way, phil lebeau says yesterday tsa passenger levels so were using the most accurate statistics, yesterday was down 71 i mean its been in the 65 to 70 down depending on the day says phil. It gives you a good perspective on exactly what were dealing with the point partly here too, joe, we need to be careful in, you know, i dont know if its recommending or urging our viewers and investors to continue to buy stocks like zoom and peloton and some of these others which are up 641 and 370 respectively i think thats correct. I do think you have to have some discipline in not owning them all. I have kind of pivoted from one name to the next there are times that i have owned zoom, there are other times that i even owned peloton and now docusign is the hyper growth stock that i am owning, i think that, scott, back to the vaccine and what is the trade, i think unequivocally and this is my view the airlines on a vaccine are the Optimal Trade within the Capital Markets because i dont think theres any other industry that you could go out and gain exposure to on the other side of a vaccine where youll be rewarded like you will be you dont think so in hotels . I dont look, you used to love a marriott i did and in fact i was stopped out of marriott before we came on the show today. Very nervous and cautious with it protecting gains, i was up 20 , i had a line at 15 we went below it i was stopped out of the name but, no, i think airlines, that is the single most Optimal Trade on the other side of a vaccine but, scott, without a vaccine, without a stimulus, you know what all these Technology Companies dont have to do, they dont have to share a communications in an Earnings Report where theyre concern fundamental their low loss provisions are enough or if theyre too much and look at the earnings that were guiding from financials right now i think that tells you all you need to know about the value environment. Its just not ready yet. I mean, you know, you want to make the financials example, jim, even as a group its not like the earnings were horrendous but the stock moves are they were spectacular. Because they trade as a cohort it doesnt even you used to be able to differentiate, say, well, this bank is better than that bank or this bank is executing better than that bank but now no matter what theyre doing theyre seemingly trading as a cohort. As wilfred frost made good points when i was listening to his commentary, goldman for example is maybe better positioned than some others or Investment Banking as a whole is a better place to be than commercial banking because youre not as reliant on the Interest Rate environment. What do you make of that okay, thats a true statement. You know, its also true to state that, you know, maybe the investment banks are facing a risk from direct listings and specs and other things that are clearly going after one of their biggest money makers, not their only one but certainly in Investment Banking ipos are a huge moneymaker. The banks and i wont distinguish between retail or investment, they are trading as a group and trading on macroeconomics if they were trading on earnings you would see goldman, citi flying, youre not jpmorgan and citi were down. What it is telling you and it is telling you something, this market is looking for Macro Economic factors like stimulus and vaccine. Now, scott, i do want to compliment you because you bring in financials air and no longer talking about airlines and technology only. Theres a lot in the middle we can look at. Sure, financials but how about industrials. How about health care. You know if you take a look at the xli and xlv just to give you a Broad Spectrum of those industries theyre actually flying its interesting particularly the industrials, because they are looking forward into 2021 and looking for Infrastructure Spending and on shoring of supply chains. I like that i like that the industrials, theyre not trading on whats going to happen in the next week on stimulus. Theyre trading on 2021 and beyond thats a good sign for the industrials. Its interesting, speaking of, joe, that you sold verizon and bought caterpillar i did, scott. I gave caterpillar as my final trade on monday, clearly as it relates to the machinery capex cycle i think youve seen the trough, inventory levels for machinery are well below the fiveyear average, were coming into 2021, that i believe will be the bottom where youll see momentum gained for caterpillar and caterpillar in terms of its pricing is in trading incredibly well as it relates to verizon im disappointed im disappointed overall in 5g in the wake of the announcement from apple whether its tmobile or verizon, i dont know im somewhat suspicious about how impactful 5g is actually going to be as an investment thesis so out of verizon, into caterpillar. What of a nascent investment thesis Bigger Picture down the road, sure how could it not be but there are a lot of people who made the point, joe, going into the apple event yesterday that if there wasnt a reason 5g alone was not a reason to continue to buy apple shares you want to buy them for another reason, great. But its obviously going to take a while to get up to speed a lot of the networks arent ready for it maybe you wont get the biggest benefits you think you would have in this early stage it all depends on your time horizon not only as an investor but when you think the trend also pick up speed yeah, i would agree with that and i think thats somewhat benefits apple because i think it extends and lengthens consumers who are going to go out and be purchasing this new phone. 5g speed will slowly get faster and faster throughout 2021, so what normally could be a single quarter or a multiquarter tailwind for apple, i think you could be talking about the duration of 2021 where consumers will be stepping forward and purchasing this new phone. So specific to apple, im okay im comfortable with it but as it relates to 5g and the telecom trade i am disappointed. Well, titt, you bought more apple. Was that because of 5g absolutely not. So, you know, apple is kind of known for these events and i feel like five, ten years ago when they were having these it was really surrounding, you know, the new products, right . And so i think things have definitely shifted were weve seen a trend, you know, recently where apple has an event and the stock price goes down. I dont know why i think i would, you know, my guess is that theres a lot of hype around these events and then once the event happens, its not rocket science. Right, right, to sell the news but ill take that any day because, you know, im looking for opportunities to buy things when theyre on sale im buying we owned apple for awhile we bought more apple not because of 5g even though i think thats a good thing, but because, you know, were seeing a global shipment of pcs up to like the highest level its been in ten years, so, again, getting back to the fact that the world has changed, it used to be a luxury to have more than one laptop, computer in your house, now its a necessity so we have families with multiple kid that is all have to be on a laptop, a computer right now and theres nothing more annoying than, you know, utilizing a device that doesnt work, right . So this is thought only a shift to kind of increasing, you know, purchases but also a shift to quality in Premium Products which apple