Despite the spike in covid cases around the Country Companies are looking to the other side of the pandemic as we make progress on a vaccine. Pfizer out today with big news it applied for fda emergency use of its vaccine and Corporate America sending signals of an all clear. Nike, merck, kohls and costco, more and more Companies Getting comfortable forecasting the future the number of big businesses issuing Forward Guidance up 30 from last quarter. Corporate america is looking to the other side is it time for investors to do the same brian kelly, what do you say well, i think it is great, first of all, that corporate investors, corporations have a little bit more clarity, but thats what this whole reopening trade was about. From the bottoms, that was the whole thing, you are not going to have clarity, but when you do, boy, then it will be really good lets look at what we had this week we had good news on the vaccine. We had multiple companies up their dividend we also had multiple Companies Come out and feel much more comfortable with giving guidance however, the market was basically flat to down this week so to me this information is probably already priced in and, you know, if im a home gamer and saying is now the time to get in, it is probably not, at least not on this news now, we still have this tugofwar is the vaccine going to be ready enough are we going to have another lockdown and were going to have q1 gdp brink thats negative thats the tugofwar going on in the market. In the news we got this week, it didnt resolve that unfortunately. Thats exactly what jp morgan is forecasting, a contraction in q1 steve grasso, arent we sort of throwing out next year in a way when it comes to multiples i mean in a way arent investors looking through and just saying, you know what . It is a pass year almost i dont know if theyre going to say it is a pass year i think the bar has gotten higher so i agree with the fact that companies now all of a sudden have a little bit of visibility because think back to march. There was nothing. We were flying blind we were flying blind on the show we were flying Corporate America was flying blind everyone in the world was flying blind. Now you have a flashlight. You dont have a spotlight, you have a flashlight. So i think people are starting to get more comfortable with the market, more comfortable with earnings lets remember, nike, this will make it the 19th Consecutive Year that they raised their dividend so im not sure if theres not a little bit of dressing up the window, if you will. I dont think that it is a contrived issue that theyre doing, but just think about it i think bk makes a great point is this the top . Is this a sellthenews event . Weve seen vaccine, a lot more beneficial news. Weve gotten clarity on the election weve seen that balance of power with the Republicans Holding the senate weve gotten basically a goldilocks environment for what has been a terrible plague that hit this country and the world so if you are saying are we through it, i dont think were through it but i think the market is pretty good at navigating and saying, hey, you know what . I think the worst is over. And we have asked that question, are these events the sellthenews events, whether it be getting the vaccine news and having clarity as to when the first distribution could be made and getting through the bulk of the volatility of the election not to say there wont be still some volatility, but i think the biggest unknowns are now known at least in terms of having a winner bottom in would you agree it could be a sellthenews . That would go starkly in the face of what has been a seasonal trade going to yearend which would be to go higher . I think given the fiscal stimulation, the support weve had, the news today notwithstanding, you do have and to use steves term a goldilocks situation where it is prime for risk assets in terms of looking to the other side, i mean i think, yes, that has been priced in there has been a look through to the other side, and that really explains the rotation out of some of the stayathome names, some of the Technology Names into some of the value plays what im looking at these dividend increases and tying all of that together, right, all of those companies with the exception of america are retail companies. We know that those companies have been able to be more efficient operating by slashing capacity, by slashing workforce and bringing that. So thats going to lead to Inventory Management weve already seen a rotation out of Seasonal Hiring yes, there will be more cash at hand, but what to me it is, that is a signal that we are seeing operational efficiencies leading to digitization of companies, that is here to say. I dont think that necessarily bodes well for employment. Again, twosided coin here. Yeah. Jeff, what is your take . You know, i think what weve been seeing has been going on for a little while now i know theres been a rotation going on and weve seen it cool off a little bit, but lets not forget, you know, you have value, industrials, materials, banks, wherever you want to go, theyre up some 15 , 16 , 17 on the month. The fact theyre cooling off a little bit isnt a huge shock to me the dividend story has been playing out for a little while now. It is the second straight month where we havent seen any cuts or suspension, so i think it is a good Thing Companies now have 2 trillion of cash on their balance sheets, just as a perspective the previous peak was about 1. 6 trillion i think it is interesting if you look at small caps, perhaps the most economically cyclical index you can find, and you have 70 of all earnings revisions actually being to the upside there. So thats the highest weve seen in 20 years. So i do think the market is doing a good job of looking to the other side of all of this. I think even if we see a slowdown in q4 or q1, which is probably likely, i think the markets perception of this slowdown versus what we saw, say, in february or march is going to be very, very different. I think thats what the market has been telling us for some time now as small has beaten large and value has beaten growth, Interest Rates have held in there but i do think stimulus has to be part of the equation here because this kshaped recovery is very real 10 Million People are still unemployed retail sales, for example, are slowing down as i said on the show last week i think the vaccine news makes stimulus in 2021 more likely because policymakers know theyre building a bridge from today to a point in the future where activity can return to normal i think you take that in combination, i still want to play this rotation trade even if it ends up being choppy over the next couple of months. Yeah, the general had mentioned small caps the russell is up 2. 4 this week, brian kelly. Where would you position yourself and do you think i think it is an interesting notion you know, jeff, when you first said that you thought that the vaccine news would make it more likely for stimulus i was like, i dont know it is growing on me. I like it better and better the more i hear it. Ill take it. Brian kelly, what do you think of that . That at least if you know it is targeted, you know theres a finite amount of time, you know, you might be able to get some republican buyin to lets spend this money on a package. Yeah, i think thats right. If you think about, you know, why didnt we get any stimulus leading into the election, is that there really wasnt any political incentive to do that so now if you have a vaccine and you say, hey, listen, this is kind of a sixmonth problem in a sense, lets get through, lets build that bridge, i think you might be able to get a little bit more political buyin. It is not likely to happen until we have the new administration, you know so i do think the market is correct in that sense, but, again, for me theres just so much uncertainty here in the u. S. , i would rather look over to asia. I would rather look to japan i would rather look to china if i look at what is going on with nike to bring back to what we talked about at the top of the show, nikes growth is coming from asia if they are raising dividends and they feel comfortable, it is another leg to the kind of asia is going to take the growth baton from here. Nike said back in september they expect the second half of the fiscal year to be up significantly when it comes to sales. Would you agree . Would you say u. S. May not be the best place to be right now i mean it is a Global Pandemic i mean, yes, i think emerging markets right now look attractive i wouldnt say in wrianywhere oe the u. S. Europe still has challenges. Buffet has allocated resources generally speaking i dolike e. M. , i think it correlates well for some of the Natural Resource plays as we do look forward to getting back to a normal situation, an economic environment. Grassley, you have been on the Natural Resource train, too. Yes i mean if you look at the value, that fits all into the value play outperforming growth play i have been in the diversified chemical space like trinseio, it is leforred to europe i think you can see a lot of the names, olen, wrk, really outperform Going Forward i am still in the value bucket and i expect them to outperform grossly over the next six months. Lets talk a little zoom talking the tape as the stayathome played out in a big way in todays session the stock could head higher as we gear up for a zoom thanksgiving thats right, families gathered around computers instead of dining room tables this year to keep socially distance the company is looking at a 40minute time limit for free meetings on thanksgiving day are you feasting on this stayathome stock ahead of the holidays theoretically this could be the first time people start using zoom and they might think it is not so bad i think zoom is pretty wellknown at this point i really dont think this singular event coming up in the Holiday Season is really going to be a revenue driver in the sense of looking at this being, you know, a long term or trending new actualization of revenue streams. So, no, im not buying in on the news you look forward to the im sorry. You look forward to the pe ratio out to 2021, up cloets tose to. It has just had one of those runs this is not a catalyst for investing. If you are not in it now, i dont think it is time to get involved. A lot of the stayathome trades got slaughtered on the vaccine news and zoom had one of the biggest weekly drops it had ever seen. Jeff mills, what do you think of zoom here and some of the other i mean we are talking ea for instance, peloton, those are all up today. They are. But im with bonwyn on this one. Usually when you see the stayathome names up on day you see growth on the day, you see tech do well it is kind of an overall virus stayathome trade you did not see it today value outperformed growth by 30 or 40 basis points, small outperformed large by around 75 basis points i thought it was notable in the sense that value cyclical trade, although down, outperformed even when the stayathome names were up i think you get to a point where the growth and user adroppings adroppings adoption or whatever you want to call it are not likely to materialize in the future thats where i think we are right now. It is not necessarily these stocks cant go up from here, i think they can but when you are thinking about relative outperformance and where you want to be, i want to be in small caps emerging from a 2 1 2 year bear market i want to be in japan breaking out after a 30year bear market. These are areas i think can outperform over the next 12 months versus some of the other areas that i think have just done so well and the valuations are so extended you probably need totake a breath here. How about a name like peloton, brian kelly im asking you because you are a biker. So you have some experience with this area. Yes. But it is also theoretically entering a seasonally strong period, i mean going into yearend, into january, people typically make all sorts of resolutions about getting in shape and losing weight. Here we are, peloton right and peloton i mean peloton has been on an absolute tear i think it is kind of a permanent shift here because those are relatively expensive bikes. Once you buy that, you are likely to kind of stick with that type of thing but this entire trade, this zoom trade ahead of thanksgiving reminds me of a simpsons episode. I am a huge fan of the simpsons. You may be too, melissa, im not sure but Homer Simpson makes a future in pumpkin futures, makes a fortune, but critically he f forgets to sell before halloween. Thats the key you have to sell before halloween. You have to sell zoom before thanksgiving because the trade is over. I like how you connect it to popular culture. Breaking news on the vaccine front. Reporter after the news that pfizer and biontech submitted their authorization to the fda, the fda now set the date for the outside meeting of their advisers to discuss the application. December 10th. Now, that is along the lines of what we heard they asked the Committee Members to set aside, december 8th, 9th and 10th it is december 10th to discuss this request for emergency use authorization. That is a key step before the fda would potentially green light this vaccine for market. So we are looking at just a number of weeks before this could start to get distributed now a lot of people wonder why so long. Well, we talked with the doctor from operation warp speed this morning who noted the fda, now that it has the application, needs to look through thousands of pages of data and graphs on everything from the efficacy to the safety to the manufacturing standards of this vaccine and analyze all of that and put it together for the Committee Members, then to look through and discuss. They will release all of that information in briefing documents two days ahead of the meeting on december 8th, well at least two days they may release it sooner than that now we have a timeline from the fda confirmed, december 10th for the outside meeting of advisers. After that they could green light it for market. Definitely good news. Meg, im curious if the fda has to digest all of those pages of data, could we see three weeks after december 10th for a moderna review if it takes that much time to get through all of that stuff reporter thats a really good question. I mean do they have a second set of folks there to be able to look through modernas application . Because we are expecting moderna will file within a few weeks from monday when they had their data so, you know, within a couple of weeks. We were told end of november, early december he expected we could see a few days apart for the Advisory Committee meetings for pfizer and moderna and presumably a few days apart for the fda decision. Youre right, the reviewers have a lot of work to do overcoming weeks. Lots of overtime for them thank you, meg terrell steve grasso, your pick . I think you have to buy a bas basket of these and an index if you look at the vaccine plays, they topped out in july then we have this secondary headline phase going into the real vaccines. It looks like they topped out again. Pfizer is well off its high from just a couple of days ago. When i say well off of it, it is 6 off in the same week so when you start to look at these names, melissa, you cant be buying these names if i asked you what pfizer was up yeartodate, people would get this wrong without looking it is only it is down 1 yeartodate now, moderna is up 400 because it has been on the scene a lot shorter time you cant buy the vaccine news more than one or two pops. I would say sell these names and buy the economy versus these names. We had an analyst who covers these names on yesterday who was saying he expects prices to come down dramatically from when the vaccine first hit the markets and he wouldnt want to be long these names as they enter the manufacturing phase which would prove difficult. Where do you stand on these . He think he makes a good point. I said for a long time, listen, steve said it, i said it, guys have said it, trying to pick the winning horse out of this race is impossible. Pfizer was up dramatically and traded off weve seen similar price action with moderna i think you do express this view in some of the these names you have to have legitimate company, of a supply of drugs, manufacturing efficacy and all of the above to still be in operations and do so at margins that will support the levels we are at right now so im fully in agreement with what he just said. Coming up, tan on a tear thats right, the solar etf and rally mode this year should you buy or will you get burned first, bitcoin going bananas bk is here, straight ahead need better sleep . Try natures bounty sleep 3 a unique tri layer supplement, that calms you helps you fall a sleep faster and stay a sleep longer. Great sleep comes naturally with sleep 3 only from natures bounty anshaped by technologyr. Grchand human ingenuity,s. Y we can make it work for you and your business. I feel like were forglet me check. Ing. 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