Claims came in better than expected, 709,000 signaling more improvement in the labor market. And treasury yields dropping sharply following yesterdays bond market closure. Thats putting pressure on banks, which are among todays worst performers though still strong performers for the week 59 minutes left in the session, sara every sector firmly in the red. Ahead on todays show, chipotle unveiling its first ever digital only restaurant this week without a dining room or a line for ordering we will speak with the ceo brian noccol about the strategy there. And Jeremy Grantham said he thought the market was a mccoy bubble we will get an update on his that it is since those comments. Disney, pal an tear and cisco reporting after the bell we will bring you the numbers as they happen. Mike, whats the market dealing with. Contending with worries pileup of news on the shutdown, on the virus, maybe getting worried about what growth is going to look like in the First Quarter or two the s p 500 was up 9 month to date coming into today sort of got turned away here at the very top of the range we have been talking about for a while. Also the opening pop on the the Pfizer Vaccine news monday morning. 3640, here we are more than 100 s p points below that. Looks like a shortterm sell the news reaction. It doesnt really appear to be much of anything at this point besides a ibt of a digestion, consolidation after this nice run higher some of that car growgraphy thats been keeping the indexes on an uptrend, shifting among sectors and staying in an upward direction maybe is falling down. This is the nasdaq 100 relative to the russel 2000 this is back into the final days of october here tough nasdaq underperforming. Growth trade falling relative to the cyclical trade, right . Yields rising and nasdaq doing down relative to the russel. Then, boom, pop, different story. Thoi we price in higher nominal growth and yields going back up and it is going to be the reopening trade. Then what happens . The election and it is split government and no stimulus you can see the erratic action, all on red or all on black type betting. This is faltering and so some of that gets destabilized in the shortterm i think the sentiment had a great effect today this is a shoot up to more than 50 bulls from a minority bullish for a while. It is rare it is the highest reading of bulls since january of 2018 before a selloff there you have seen these other sharp moves. That was after the 2016 election in itself it is not a rally killer but it tells you people have gotten on board the idea that we have gotten some of the confirmation of news we were waiting for. Everyone assuming a Fourth Quarter rally as opposed to thinking maybe we have seen enough with the 6 gain quoted today. I think this is a slightly cautionary sign conn conjennings with other indicators of professional tactical traders that jumped all in thank responsible and a cause for some of the slippage we are at session lows as we speak. Back down 440 on the dow, 1. 5 . Lets bring in Daniel Sherman and tom lee. Tom, to you first. The range mike was pointing to on the s p, wufly 3,200 to 3,600. Clearly we are much closer to the top of that at the moment. Which of those two numbers though are we more likely to test first given all of a sudden some of these shortterm head winds that the market might be facing i think that its kind of understandable the market is taking a breather today, because it is overbought and we have had a lot of exuberance the last couple of weeks. So i think we are going to test the upper end of that range and then potentially break through it the reason i think there is going to be sort of steady bidding is number one as mike pointed out, the Retail Investor who has been bearish since march finally turned bullish thats 2 trillion of cash coming off the sidlines that will start to bid. The vix is up today but i think its really marching its way towards below 20, which would be when it gets there a huge riskon signal and then we have europe cases rolling over i think it is encouraging. It is starting to rollover finally the santa claus rally. I think things are push stocks towards the upper end of that range. Sorry i thought it was sara. My apologies jeff, coming to you in terms of the outlook for rates, cleel they have got a nice job post the election today after a closure yet polling back is that a sign that the elusive 1 level on the tenyear is going to be quite far off still for a while . I think it is, but you have to remember that the bond market was closed yesterday in honor of veterans day. There is a little bit of a catch up that takes place. We had a big bond auction. It caused a shortterm reversal in yields upward again you mentioned stocks are low, so are the yields as well, tens and 30s. You mentioned the 1 level i think that is something to focus on at this point it has always been the contention of the market that the fed wouldnt really let the tenyear go above 1 that they would talk more about yield curve kreel and try to reign it in at those levels. If you look at the euphoria you saw in the market with the hopes of a vaccine on monday it really tsai skyrocketed rates i think what you. He the rates market, something we have been talking about over the course of the summer is that there is the tendency for rates going directionally higher at this point in time. When we look across kind the metrics there we think fair valley is probably in the 1. 25, 1. 5 range without interference but it is not going to happen overnight. If indeed this vaccine is going to pull through and get people back out there and we will get the economy going again rates should go higher at that point in time. I think what you have is a little bit of you know, there was a sharp move this week but we broke out of the range. Thats what you have got to look at for we were mired in a range of testry trading from 55 basis points to 80 or so we have been out of that range for the last week or two kind of vacillating around there. But if you draw the line to where we had the highs before earlier in the year, the couple days back in june now thats the bottom of the range right now. We are looking to see if this is going to be a pivot point to signal rates going higher. At one point it was fiscal stimulus driving up flags, now it is the vaccine driving growth both factors will be dejested by the bond market and thats going to determine the direction of interest rates. I get the optimism around the vaccine, tom, and how that bodes well for the economy in the longer run, but the broader public is not going to be vaccinated until next year at the moment, we are seeing us go the opposite direction. Cases are skyrocket asking we are starting to see regional restrictions pick up including the latest advisory from the city of chicago to stay at home unless you are going to work for school which essentially shuts down the restaurants so the question is, what growth point are we going to be starting from once we do get the vaccine, tom and does that pour some cold water on the enthusiasm and the upbeat nature of the call that you have on growth and stocks . Yeah, it meets it is a waiting game because the vaccine as you are pointing out, it is not widely available for six months. How it is distributed is going to be really important because it may make sense to make sure it is delivered to the essential workers. A lot of studies are now showing there are super spreader points of interest so you know the majority of covid is actually taking place because of restaurants. So i think if there are restrictions put around that, that could really help but you are right. It is a tricky period. I would just say, i think, you know, everyone is more prepared to deal with covid so i think mask usage it is great to see that. And on cnbc, you guys have a health a medical expert from texas talking about how in texas some of the areas of texas arent seeing the surgest because people are kind of going back to the masks and they are taking steps so you know, its everyones responsibility but you are right. We have to be careful. I mean, because 12 months it certainly looks a lot better but the next three to six is you know, its very tricky. Bitcoin is breaking through key levels whats the story there is there a Biden Bitcoin connection, tom . Probably. Bitcoin came into 2020 with a lot of tail winds because the happening was taking place now i think we are seeing credible investors starting with Paul Tudor Jones and stan druckenmiller. We are seeing interest from our clients, we are getting inbound queries. I think the quality of the team supporting bitcoin continue to be high. As you know, bitcoin is a really secure network and proving to be a good store value and i think a better alternative to gold in terms of those looking for digital gold. Past 16,000, tom lee thank you, jeff sherman good to see you as well. Coming up on the show, investing legend Jeremy Grantham told us in june that the market was looking at a fourth real mccoy bubble of his career have his views changed because of the Election Results and the Covid Vaccine results . We will find out in a few minutes. You are watching closing bell here on cnbc back in june, legendary investor and gmo cofounder Jeremy Grantham called the market the fourle real mccoy double of his investment career. He also advised investigators have zero exposure to u. S. Equities the s p is up 14 since those comments earlier i sat down with Jeremy Grantham in an exclusive interview and asked, is now still the time the sit on the sidelines. Yes, i would say even more so the role of the bear in the last 50 years or longer has been a pretty tough one you have long, drawn out bull markets and little tiny bear markets. It really isnt fair. The critic could say, jeremy, you know on june 17th you suggested it was the fourth real mccoy bubble of your career. But markets have rosen close to 20 since then. Why is your conviction still that it is a real mccoy bubble as it were. It was quite the other way around the more spectacular the rise and the longer it goes, the more certainty can have that you are in the real mccoy bubble you want to see lots of crazy behavior, which we have really seen a lot of since we last spoke. And you want to see not just the market rise, but if anything, an acceleration and the rate of market rise since the turn in march, april, has been nothing short of sensational. And that was that was a feature totally lack flag the tenyear bull market preceding covid. In fact, both things were lacking. There was very little crazy behavior it was more the kind of wall of worry. Everyone was nervous and conservative the market just ground up. And the speed was unimpressive a kind of steady drum beat and this is quite different. This has been powerful, rapid, and in many areas, truly crazy does the prospect of a successful vaccine early next year change your view of how convinced you are that we are still in a bubble . No, not really. The bubble mechanics actually have relatively little to do with the economic realities. A bubble forms its own kind of psychological node, if you will. And weve seen that in this last few months since we spoke. The market can go up on bad news and go up on good news it can interpret a Trump Victory as bullish, and then seamlessly interpret a Biden Victory as bullish. There are all the characteristics of a bubble. There is nothing much you can throw at it when it gets going and as for the timing, i have never had any illusions about my ability to time the bubble breaking i have a very low definition of success, by the way. It is just that sooner or later, the market will be lower than the point at which i suggested you should get out of the market. I guess supportingthe marke both this year and for the prior decade has always been stimulus, both monetary and fiscal if we get to see both, still, at full speed, rates very low, possibly even more qe from the fed and we get to see a big fiscal stimulus package whether thats late thissier or early next year, could that keep this current bubble inflating for a reasonable amount of time . 12 months, 24 months i think 12 months would be a reach. I think 24 months would be extremely unlikely but you can always keep it going for an extra month or two. We have never had a period of such low riskfree rates as we have today and it has been at the price of all assets everywhere. The one reality you can never change is that a higher priced asset will always produce a lower return than a lower priced asset. You cant have your cake and eat it you can enjoy it now or you can enjoy it steadily in the distant future, but not both the price we will pay for having this market go higher and higher is a lower and lower tenyear run from the peak. Jeremy grantham there still more to come from that interview. His views on the election and the impact that could have on the market and the areas where he does advise putting money to work three or four areas in particular that stand out for him, sara. Last time around when you talked to him and he called a basketball it did seem more plausible. At that time hertz was bankrupt and people were still buying up the stock like crazy, on robinhood. And there were more maybe obvious signs of speculative behavior but it sound like he is doubling down. June 17th, last time, it was after a crazy sudden rally of sort of all sorts of odd stocks, as you said. And i definitely came away last time with the feeling very bearish. This time he said oh, it could go on a few more months and of course there has been a fivemonth gap from last time. You start to weigh up the possibility whether he could be missing further rallies in the market interesting comments to come, particularly where to put money to work given those views and the election, clear views on that as well. He is known for calling some big bubbles in his career. Looking forward to much more of that interview in the next hour. After the break, shares of schtick parent edgewell getting a boost on the bask strong earnings are people shaving more . We will ask the companys ceo about demand for more personal products beyond just shaving as we spend more time at home they next on closing bell. Edgewell personal carrey leasing its Fourth Quarter earnings this morning. The company goins brands like banana boat, schtick razors, wet ones wipsz while total sales fell 4. 7 in the quarter compared to last year their sun and skin care divisions rose sharply higher. That company also put out guidance joining us is edgewells ceo rod little good to have you here. Hi sara nice to be with you today. The results looked better than last time was this the summer of sunscreen . What did you see yeah, sara, they were sequentially better than what we were last quarter. I think what you saw in the market today and the reaction is the categories we play in are getting a little better and our relative performance in those categories is better so not only did we beat expectations on top and bottom line we were actually even better than our internal projection it is pretty varied in whats driven that result obviously, the demand for personal Hygiene Products is very high. Our wet ones business was up 85 in the quarter that obviously drove the results. Our sun care business continued to perform well. Interestingly enough, while shaving overall remains challenged the category improved versus the last quarter, down 6 versus down 10 two quarters ago and our womens business actually returned to growth. What we saw is women were shave being the same rate they did last year. So do you tie that to the fact, rod, that we did see economies reopen and people start to emerge about their daily lives . And therefore is it a risk that we are seeing this second wave and potentially more restrictions across the country . Yeah, i think it was a summer that people figured out how to be outside and then it was a later summer where the use of sunscreen for example, was heavier in the back half of the year so people figured out how to get whatever their normal was back into the routine a little bit. And on shaving, as women became, you know, figured out how to be outside, you also saw them shave at more normal rates guys are still shaving less. That is the case so as we go back into the next couple of quarters here, into the middle of the winter, for us from a sun care perspective, it is not a huge problem because thats not the peak of the season that would happen in the spring. Other than in the Southern Cone and australia and new zealand. So i think as we look at it the shaving incident rate, womens is also cyclical thats not a heavy cycle in the winter it is more in the spring and summer months. As we look at whats to come in the next couple of months we actual reare pessimistic that trends will improve over the next couple of months and thats how we planned our business going into the new start of the year for us. Talk to me more about what you mean, where you are more conservative or pessimistic about where the trends are many of your competitors like p and g are seeing such strength as people remain at home talk to us about how it is a little bit different for you. It is the product mix, primarily. As you know and you said in the opening we have a big observation posure to wet shave and shaving in general shaving for guys is down as we get back into a more normal environment and people get back into the workplace thats going to be challenged. Thats our biggest challenge beyond that actually we are quite optimistic if you look at grooming and how guys are taking care of themselves, what we are finding is the grooming segment continues the grow and boom. There is more at home happening. Thats the case on the womens side as well so we are seeing two examples on guys side, there is more men putting more products into their daily regimen as they take care of then selves, the self care at at home. On the williams side in addition to shaving the legs for example, there is other zones where women are becoming more active, on the face for example, with dermaplane. We had a product out there but repositioned it. It is called hydrosilk touche. The campaign is brows are the new lips in an environment where you are wearing a mask and you can see the lips and face you get the expression from the eyes and eyebrows we launched a tool around a campaign helping women shape their brow sthoos really is that a big market women are using the razors or blades that they would on their face specifically on their eyes because they are Wearing Masks is that what you are saying . It is facial dermaplaning is a growing ten anyway the repositioning of that around shaping brows, more in an at home environment, typically you would do that in a salon i will give you a stat