Rotation this hour plus, there is still one over big overhang for stocks and that is covid cases spiking, cities shutting down. Well talk to one of los angeles biggers playest playert retail, dining on power lunch right now. Thank you, tyler. The markets are off to the races with the dow topping 30,000. This time its not big tech leading the way. Dom chu is looking at the rotation pro tellipelling us hi. Lets talk about the gold star right here. 30,117 is the intra day record so far that was the high of the day at the pandemic lows, intra day we were talking about 18,214 weve gone up roughly 65 since the pandemic lows we saw back in march. Something to keep an eye on when we talk about the dow industrials and. Talk about whats happening between growth and value take a look in just the last monthtodate period we have now seen a real outperformance in some of those value stocks just in the month of november. Well see if that trend continues with that orange line picking up steam with the optimism in the markets comes this notion that perhaps things will get better and those valuetype sectors will get better as well oil stocks, apache up 9 1 4 , sl green, office space in the new york area up 3 and American Airlines up roughly 10 . Meanwhile youve got the typical outperformers in the pandemic now underperforming. Peloton down 5 , fastly, Cloud Computing down 2 , wayfair, Home Shopping down about 5 and te Teledoc Health down as well. Ill send things back over to you. Thank you very uch,dom chu. Where do we go from here after all the progress weve made from the march lows to these highs . Lets ask Julian Emanuel what would your message be to investors today . So its been as an investor a roller coaster of the year obviously were at the high in the dow jones and small cap russell 2000 its now really a time to be patient. You want to take a look at your portfolio. You want to make sure that you are not overexposed to growth, technology, faang, because we do think that is likely a story that is going to continue its, you know, underperformance of recent weeks into 2021 and that you are diversified. But again, given how far weve come and the challenges directly in front of us regarding the economy and possibility of further restrictions, now is the time to be patient lets talk a little bit about what it means to be patient. For a lot of people the big decision this career, possibly big discussion point was back in the spring asking themselves, i know we did at my house in terms of the 401 k , should we get out of the market . And it was like you know what, were at the lows. Market timing is always problematic. I think now is the time those followup discussions happening of have we come too far too fast and this enthusiasm about the roaring 20s . Youre not saying youre cautious on the stock market overall or maybe you are or is it for those who want to get more tactical about it, ways to be more tactical. If you go back to the beginning of 2015, weve had a number of roller coaster events, the Fourth Quarter of 2018, obviously february and march of this year, but the longterm trend has remained higher. We think it remains higher but when you get as overbought as we are becoming right now, what you have to say to injuries as an investor is how am i going to feel if i kbp a 10 or 15 drop in the market and if you go back over the course of really the long term is that you want to be able to envision yourself as a buyer down 10 to 15 , not, you know, sort of panic cutting your holdings so if you cant see that, you either trim some of your holdings, cash is always an option we kind of think that given the fact that volatility is at the pandemic lows, downside hedges in technology, triple qs as well as hedges in icap also makes sense. Thats a way for people to think about protection so if youre not all that enamored of some of the winners, kra sort of thing. What what do you think of the outperformers today . Again, this is where youve got to think long term and long term, those kinds of themes, have proven in durable bull markets, which we do believe the durable bull market started in march and has further to run you need to stay the course with those and add to those kinds of themes on weakness, which again, if the Economic Situation deteriorates further over the sext several weeks and into the furst quarter, we may see. But those are the places where we would be adding on weakness those where youre down 10 to 15 . If those happen, those are the types of names you want to buy but you wouldnt buy them right here we, you know, you, if, if you can row trait towards them if youre but we wouldnt if you look at the exnumber of weeks, at 23 times, expensive it and one of them is that we dont get stimulus for quite some time we think thats a necessity. All right well, well leave it there julianne, thanks for explaining for us what you think of this historic day appreciate it. Tae . One moling was as biden is expected to formally nominate jan yet yellin for key position what i would ask you is whats changed from yesterday that would be accounted for in the way the market is going to heavens today and it has to be one thing and that is the affirmation by the head of the gas that the transition is under way and the president seems seems to be stepping back from such a combative stance. Yeah, thats right, ty. Good to see you. I think its absolutely correct that the market is reacting very positively to the news that we are finally moving on in this transition process officially. Both gsa news, as you mentioned legal battle, that it would get ugly, uncertain about who would take the office but we are moving on. And, as you mentioned, bill and is hoping for these vaccines to come through in the spring the question is as your last kmr heres a fact that the president ial race is finally official over and joe biden will take office in january so we dont have to worry about that anymore lets pivot before we come back to the cabinet picks. Were going to get a gdp number tomorrow, which may look reasonably good but a lot of people are look the. Its pretty much agreed that we need more stimulus. That the blueprint tomorrow will be significantly small are that the third nrm and that is all a result of largely a result of stimulus coming out of the system, Unemployment Benefits expiring, so you get layoffs there and we have big covid spikes we have to get to where we are now to where we want to be in the spring and part of that is still luce you are correct when you well be lucky to get half of that, maybe even less. So 500 billion, its not really enough in Consumer Spending and confidence, as we saw a rop. Boy ru we know a few of the establishment picks, they seem to be cut to the party cloth lets effect us mostly on janet yellen, a veteran policy maker, year at the federal reserve, years at the white house as chief economic adviser to the president and now the first woman to lead treasury she will have no trouble getting through the senate, will she no, she wont i would be surprised if she got less than 70 votes in the senate my email is filling up and shes a slam dunk pick to get through the senate very easily wall street is reacting positively to a lot of things, and part of that is yellen and shes not Elizabeth Warren in treasury but you see it across the board. Theyre well known, john kerrey, jake sullivan, National Security adviser. The watch word generally for the biden transition is no surprises, people that Everybody Knows and has some confidence in and lets calm everything down and get away from the chaos that weve had the last few years and thats how theyre doing it. I used to call him no drama obama. I guess this is no drama biden with some of these picks well come up with Something Better well figure it out no surprises joe have a great thanksgiving. You, too. For more on the cabinet picks, watch the closing bell today at 3 p. M. Eastern for a first on cnbc interview with the former treasury secretary, jack lew, who knows a bit about that big building there on 15th street the dow making it to 30,000 today for the first time its not just stocks setting records, folks housing and bitcoin. What does that tell us theyre soaring right now. Thats coming up next on power lunch. Looks like we made it or i thought so till today at fidelity, youll work with an advisor to help you build a flexible wealth plan. Youll have access to taxsmart investing strategies, and with brokerage accounts online trades are commission free. Personalized advice. Unmatched value. At fidelity, you can have both. Lexus has been celebrating driveway moments. Heres to one more, the lexus december to remember sales event. Lease the 2021 rx 350 for 419 a month for 36 months and well make your first months payment. Experience amazing at your lexus dealer. Welcome back its not just the stock market two other Asset Classes surging are housing and bitcoin. Home prices spiking to their biggest price in six years lets start with diana olick on the housing front. Reporter strong covid induced demand over the summer caused an exceptionally strong spike in home prices values jumped 7 year over year, up from a 5. 8 gain in august that is the largest annual gain in six years prices are now nearly 23 higher than their last peak in 2006 the tencity composite was up 6. 2 annually, the 20city composite jumped 6. 6 , up from 5. 3 this is a threemonth running average representing prices from july through september when buyers were seek more space to work from home during the coronavirus. Dallas, chicago, new york saw the smallest gains but were still up in the 4 range annually the expectation is prices will continue to rise as Housing Demand hasnt really fallen off yet and supply continues to shrink kelly. And we have record low Mortgage Rates so its not just the purchase side of things, diana, that were seeing this lift what about on the refinance side are people kind of rushing in now in case things start to look better next year in case rates start to move higher weve seen so many people refinance already, more than 4. 6 Million People just so far this year as record low rates theyve had 13 record lows this year so far and the year is not over yet now more than 19 million borrowers could actually still benefit from a refinance thats according to black knight theres a lot of cash sitting on the sidelines. If people are willing to go through it, they could save more on their monthly payments, kelly. Thank you so much go ahead, ty a little fellow just sat down behind diana there right there. Can we go back to her shot just a second. Can we go back oh, he went away he was sitting right near the pumpkin over your left shoulder. He left. Zilt the neighborhood. Thanks, diana its just the neighborhood. Always like to give a shout out to the unexpected guests lets turn to bitcoin. Rapidly approaching alltime highs to back in 2017 when you couldnt go anywhere without somebody asking you what do you think of bitcoin kate rooney has more its a lot like the holidays three years ago. Bitcoin is back above 19,000 for the First Time Since december 2017 its up more than 45 this month alone. Since the march lows, its up 280 a few factorsanalysts tell me might be pushing bitcoin higher. Janet yellen was announced as bidens pick as treasury pick yesterday, seen as a sign for more fiscal stimulus to come and quantitative easing. And more money could eventually spark inflation and because bitcoin supply is capped at 21 million, its seen as a hedge against that bitcoin has a fixed number that can ever be mined. Gold is down today it might suggest some investors are moving out of gold and into bitcoin. P paypal enabling customers to by cryp crypto kate, it seems to me that is one of the factors driving the price higher is this sort of Public Acceptance by the Payment Companies square and paypal and others but its also a lot of the big names in investing like tudor jones, who you just mentioned, who are at least giving it the time of day these days absolutely. I think you have the demand and the ability to buy crypto more easily you would used to have to open an account at one of these Crypto Exchanges analysts say the people have cover. They say if Paul Tudor Jones and bill miller say its acceptable, maybe i should be getting into it it seems to be driving some of the confidence here. Throwing some shade on bitcoin. Kate, thank you very much, kate rooney oil prices climbing again today again along with the rest of the market the energy etf, the xle jumping 4 is now the time to bet on energy our adtrers will debate that next on power lunch. Its different because i have to talk to a computer. I get like 6 emails a day. Olivia please turn your screen on. Okay, lift the. There you go. Mondays remote, tuesdays at school. Its the other way around. We might not be able to solve everything. But we can help make sure students and teachers can stay connected to learning. Its why at t has connected more than 200 Million Students to brighter futures. Welcome back, everybody, to power lunch. Lets check on oilwith dom chu its bullish today. Wti 4 gains 44. 87 brent crude futures, 47. 80, near 4 gains its that continued optimism, incremental clarity around vaccines for covid, a smooth transition for president elect Joe Bidens Administration these are the highest levels for Oil Prices Since the early part of march before the pandemic economic lockdowns began then youve got global oil partner opec making looking to curb Production Supplies into next year. And of course, kelly tyler, official u. S. Energy Department Inventory data thats out tomorrow morning. Tyler, back over to you. Dom chu, he does stocks, commodities. Is there anything you dont do, dom . I try to be a team player you try do it all thank you, dom lets talk more about oil and energy the s p sector up nearly 40 in november, best month ever on pace for that. Your trading nation team is todd gordon of trading analysis pint come and mark tepper of st Strategic Partners with regard to energy you say one word, yuck why . Energy has been the place you sent your money to die for the last decade. It was a 15 sector waiting in the s p and now its like a 2. 5 its almost irrelevant it has underperformed the spy by 17 per year its a real tough sector to get excited about. With limited dollars would you rather by a tech stock with a bunch of tail wins or oil stock with a bunch of head winds if we have to own an energy stock and we do have to own a little we at least want to get some yield my first name is Diamondback Energy theyre one of the few companies that can actually make money even when oil is below 40 a barrel, theyre focused on protecting their dividend over 3 , cutting costs and theres been talk about International Buyers possibly having some interesting. Its a potential takeout target as well. That would be our play there up 3 today and it has the beautiful irony of having a Ticker Symbol fang how do you have like that for irony. You see some of the move a Short Covering is that move enduring and if you were to play energy, am i going to miss anything by waiting for some pullbacks or is the train leaving and going up the mountain the train has definitely left the station. I think waiting for a pullback would be a very good idea. Lets talk about underlying crude. We did break through resistance that was in play for most of the year dom mentioned there was a big gap down weve closed that gap so technically Oil Looks Better but many of these Energy Stocks try to push lower, retest those march lows what happens is selling dries up, people start to get a little nervous, the shorts want to get greedy and cover as you guys said at the top, xle is up 40 in november. Thats unbelievable. That sounds like short recovery. Exxon is the Largest Energy name out there. If you look at the chart, the bounce has been less than stellar. And the other thing we got to mention is a lot of you guys will be buying these for the dividend we want to make sure the dividends are stable theyre likely going to impose access to federal lands as they reduce exploration and plus green energy is where its happening in the energy space. Ill throw one name out there, residence solar energy system, ticker system run, i love it, hold it. Time to buy the pullback in the future you have your inner larry king there with the cool speaker. We love that go to our web site or follow us tradingnation. Kelly . Tyler, thank you so much. The dow and russell 2000 hitting record intra day highs, a the dow soars above 30,000 for the first time were just below that level right now. Plus major cities like l. A. Heading into lockdowns going into one of the biggest holidays and retailers forced to shut down with rick caruso next before we talk about taxsmart investing, whats new . Audreys expecting. Twins wed be closer to the twins. Change in plans. At fidelity, a change in plans is always part of the plan. Welcome back, everybody. Im sue herera purdue parmia ple ii ii iia guilty in opioid criminal case in milwaukee, an election worker has found nearly 400 uncounted ballots, which will now be tallied. On their own the new votes are not enough to affect president elect bidens lead and final prep for the macys day parade balloons wont be held by humans instead robots are getting that soughtafter job take a look at these guys one is corn and one is cobb. Theyre the lucky turkey that President Donald Trump is pardoning for thanksgiving both will retire to Iowa State University after their 15 minutes of fame. Youre up to date, ty. Good looking birds yeah, those are nice birds there, sue thank you very the markets right now, lets take a look at the market, shall we get off the turkeys for a second back bel