Another hard day for nasdaq which is lacking is spectacularly higher than the march lows. Now its falling back to earth like cooling embers. So far above the average that now its got to freefall the safety net which is by the way, 10851. Meanwhile, all the other nature industries are under pressure, all this on the heels of a report that while encouraging back on congress for more fiscal stimulus asap. Its a rough few days for the market. The last couple weeks, i saw a lot of names that i saw my subscribers when higher. It is frustrating to watch. Every single one has passed my target faster than i thought they would die anticipated a pullback so it didnt say, i asked myself, why didnt i hold on on to this for a couple of more days . Trying to beat the market on a daytoday basis is not but it takes a long time to acquire to discipline and maintain it in real time. My hope is the new investors out there do not have to learn these lessons the hard way. Yesterday a follower of mine on twitter reached out to me with a tweet, i would to share with you because it frustrated me. He said charles, i invested the nickel 29 a few weeks ago, its been taking since it hit 47. I was too early to invest, any thoughts . I got plenty of thoughts. Know why you bought a stock and allow that to determine when you sell. Keep trading. If you bought a stock based on long term, then you must hold for the long term prospects. Let it play out regardless of share price. One other thought, got to share this. Please do not allow your pride to stop you from taking a loss. Youve got to take a loss as a traitor. Im not saying its easy even if youve been at this for decades but the two emotional forces wa up,yvayte, e e,ecia,ec onec e heon down d so d b bef cul ul enftenuctocut toot toto tmoo t t be usecae w yill wet. Imim ttco cesibuttr,ut sorco martin. In st, anstdandanan i think everyoe felt like this is parabolic. I think the good news was a lot of these stocks are going up on good news but they were getting over that so what do you think of the last three sessions . These stocks have been remarkably up. By Retail Investors, charles. You have a quarter of the market now owned by Retail Investors who are flooding in, historically in the past few months have been apple and microsoft. I think it is opportunity. The tech sector has been incredibly beaten up in my bed as we are going to get fiscal and monetary stimulus in the shortterm horizon is going to take the markets higher. Charles steve, welcome to the show. What are your thoughts on the last few days . I think it is a technical driven selloff. Todays unemployment report showed unemployment fell six and a half lowest in the last four months. Thats more it took us nine years after the great financial crisis of the big story here if you have an economy that exited recession, its over. We are in recovery, we are seeing in the data. Have technical selling over the last couple of days because there are certain levels above the average that triggered some technical selling but ultimately, we think it was a long time ago. Charles lets talk about the market turn now, a bit of an airport. Scott, i have to give you a shout out, its well up over 5 while the market is struggling. Youve been on fire, my friend but what is it going to take now to turn this around . I wondered why they put a fire extinguisher in here today, i guess thats why because ive been talking about financials also. Thats the story, theres been technical selling, some profittaking and really the reality, in my mind, the market is going through a shifting phase. It does this at times, we forget about it because the times are so good when its data dogs and networks and the zooms and documents signed cant be stopped but when you look around and realize financials under done, underappreciated, restaurants and travel stocks have held in very well so like expedia, those are areas that start picking up as the markets start to collapse on the topsi topside. Charles i get where youre coming from and this has been a topic of hours for a couple of months. But heres the thing. They have been so many false alarms over the last two or three months, it goes for about 48 hours and then we get back to tech. I want scott on the idea, if we start to broaden this out particularly with these names that reflect the economy steve described, it seems like you have a portfolio on that as we well. Absolutely. I think it is a fantastic one. Very undervalued, theyve dragged the Broader Market upside but ill add to that, not just banks but industrials. I think industrials are part of the recovery story and we are effectively in recovery, the recession is over, two quarters of negative growth. We are beyond that. Its going to be 20 of. If we do avoid a double dip recession, which i think we will, you want to rotate to those values. Hold onto your tech if it drops 7 , i dont think it is a bad idea to jump in that technology is here to stay and we are all using it and its not going to die to take the opportunity and continue to accumulate in the rotation stocks. Charles steve, i looked at a couple of clips and you are a little over equities i think you were also expecting a broaden for this rally. You say we should be encouraged . I think the headline here is it rotation as it is dropping. The market has dinero when it occurs at the end of a cycle when the names have hit the 52 week highs, its worrisome but here, we are in the early part of the cycle. The names that did well have left is out but it is power in our view. We think it will broaden out small caps and international as the economy recovers, those parts of the market that need the recovery going to start to get in this will be a broaden story and we are seeing the beginnings of that. Charles i think we are, too. What do you like . Give us something fresh and new, reiterate something for the audience to look at. Going to pick up on what catherine said, more stimulus is likely coming down the road. Physically and monetarily. You know where im going with this, glp. A position we loved all your because it doesnt act like stocks or bonds so in times like these, where volatility is coming, money printing is coming, weve got this small election coming up november 3 which is likely to instill fear in the markets, i think gld is a good position to head out the risks that remain other. Charles not only did you answer the question you gave us a segue for the rest of the show. Just named all the other segments we are covering as well. Thats why we love you. Steve, great job. We are definitely want to invite you back if you will come. Have a great weekend. We appreciate it. Lawmakers, both sides of the aisle sitting on their hands and the feds are fed up. Yours recovery, can they do it all by themselves . Next. Also, strong transfer joe biden, he talked about an issue i brought up many times, an issue that may be a problem for President Trump in november. Listen. Leadership we didnt have and still out and as a result, economists are starting to call this recession shape recession. R give you my world how can i, when you wont take it from me you can go your own way go your own way your wireless. Your rules. Only with xfinity mobile. Charles good obvious jobs report with strong trends beneath it, the number of playoffs after 6. 2 million, the peak was 1. 2 million in april. The number of unemployed and there was the Unemployment Rate, which is the highlight of the report, all the way down to 8. 4 . All the great news the president of Federal Reserve bank earlier this week, charles is warning if congress, continues to play politics and does not reach the stimulus bill, theres going to be significant consequences to our economy. Joining me now, peter. Charles evans yesterday said the feds will do more we dont know thats going to be but its obviously frustrated that congress is sitting on their hands letting politics get in the way of rescuing the american public. I am frustrated, too. I think the pace of recovery has slowed. Need another tumulus package, in particular we need another federal bump to the unemployment benefits. The fed has more arrows left, just look at the japanese playbook. They could start buying common stock. I dont know as many more in the way of bonds windows that can open but there are some. Charles you are right. The equity ets, like the bank of japan or something but we know the money was provided, some of the people are sitting on and a lot of it went back into the economy. In looking at brickandmortar stocks are up this week while markers struggle. Theyve given that money, will have the confidence to spend even more next time. I think they would. The only give people money for a brief period of time just a single check because they are still employed, they wont buy down their debt. The hypothesis, weve learned that about the first month, this is how they behave. If we want to tell them, we are going to stay with you until unemployment is below 5 , we will provide you with a reasonable supplement. Its Something Like 50 and based on your prior income and its going to be here. We are going to stay with you. I think we need to communicate to people that are unemployed that some of these jobs are coming back because there are changes in the economy and now is the time to start thinking about relocating, retraining or refocusing of the about where you want to work. Waiting for a job come back from United Airlines is not a redhot idea. Charles no, its not. Weve got a minute but there are things in this economy that are doing well and one side the huge demand for truckers. They are looking to restock inventories the average price last month was 2. 22 a mile, thats up 22 from last year so we are moving goods, we need truckers and people to do it, thats a Great Potential for this economy, isnt it . If you look at indicators, shipping and things its favorable. It indicates economy will continue to turn around. I wouldnt take these last couple days in the market very seriously. We all knew at the pace the market was going, there would be an adjustment. There always is but the general trend in the economy is positive. We need to see biden talk more about what hes going to do so people can make a clear decision. I think part of what happened these last couple days has been how well hes held up in the polls while playing four corners and i think as we [laughter] yes, basically they will get in the middle with this guy until we have a debate. Once we. Charles you are revealing your age with the four corners thing. I dont think anyone has use that in about 30 years. [laughter] charles a new segment. [laughter] all right, peter. I enjoy your insight. I do. By the way, the stock market is under pressure as we head into the long Holiday Weekend but stay with us, and with you with these markets, i think we are going to see a little bit of an effect. Press warnings that dispute results in november could be really dangerous. Two of my favorite political watchers, they love to fight. They are next. Well be right back. Will the market is making an effort to climb up the lows, pay attention. Our next guest, hes seen one or two kinds of these days before. In his advice, dont panic. What to do on days and weeks like this. You always are chilling out, had beef and miami and the corona because youve been through this before and youve seen all of this before. A lot of new folks in the market havent so whats the advice for them . This was classic. He went down too much, too fast through march and then he got progressively easier and easier. The speculation came in new issues and day traders, valuations that are hard to analyze with zero Interest Rates and a little too easy. Now we are going through the correction of that. Underlying it all, you have an economy that healing, profits that are going to start growing, an economy thats going to be larger a year from today, many stocks in the economy are doing very well, admittedly its been a shock to the system in the economy hasnt recovered and they will continue to struggle but the economy is going to do reasonably well and in that environment, stock prices going to go up. Not down. Unless theres an accident, something terrible about the virus but if we keep the fires under control, we are in recovery mode. Charles you talk about moment momentum, are these yellow flags for you . Are you concerned about any potential landmines . I dont think any of them are lethal. I think they will react pockets of speculation and there will be people lose money in the process but i dont think any of them are fatal to the direction of the markets. With the fed where it is, with the economy growing at all the major indicators, he saw the markets, services, the factory orders, they are on the way up. Not all parts of the economy, if you think about what could go really wrong, it would be the virus spiraling out of control in the fall and curbs Economic Activity or if the election turns into a nightmare, we go from november to january without knowing the net next president is, that could be suppressive Economic Activity and confidence. Ask those two elephants, the direction is up. What i would say to people is stick with those highgrowth companies, especially now that they are coming down in price, there is a good longterm story. The stocks are going to do a little better relative to growth and they have been. Charles all right. Youve filled us in on a lot. Thank you very much. Have a great weekend. My pleasure. Charles i want to take this time to ask everyone interested in the stock market to consider my book, unstoppable prosperity because its more of a tool that a book and it was designed for times like this. Ive taken more than 30 years helping individual investors, the day never get the stock market and put together a roadmap of sorts so i want to help you not roadmap, go to unstoppable prosperity. Com to get your copy. I think you will like the book. Joe biden criticizing President Trumps handling of the economy during this pandemic with Unemployment Rate plummeting. Take a listen. Donald trump may be the only president in modern history to leave office with fewer jobs and when he took office. Ask the people, they feel like they are being left behind. They find they dont feel it. Charles todays jobs report clearly shows a recovery, its clear the recovery is fabricated. This is what theyve been calling recovery for splits between the haves and havenots. As well as separate industries which means its time for washington to give us an extra dose. The cost of inaction a lot of people believe will be devastating. Want to bring in host david and rick, rick. Its one of the things, i dont get it, i dont understand and i fear theyre going to wait for to start, its going to be more catastrophic that has to be. Im seeing it the same way as you. Ive been watching the show and i dont know whats going on but ive been in tune with you and it most of your guests. I would have told you when they look like a chance would get a resolution of this was working to the benefit of the democrats. With everyday its gone by, at best, we are looking at a political standoff. I dont think either side is benefiting. Its probably a drop because people are getting hurt. We do need to congress, both houses to get this together. Charles i think like 82 of americans want another round of stimulus. You know a lot of these key players in this, so many senators are saying no, we want to see the data, weve given out enough money already. We are seeing the biggest bombs and pandemic insurance claims, are they going to be prepared . I dont know if its a matter of dying on the hill, this is a tough one. There two timelines we should follow. The other one is the coronavirus timeline and reopening timeline. More and more people are going back to work and more states will make terrible decisions to keep americans under political house arrest when they can find ways to reopen, you will get infection rates which are extremely low with formal and de blasio combined, you see the money deployed aside from the people in these businesses [inaudible] charles your coming in a little garbled. [laughter] we were having a perfectly good conversation. [laughter] charles the other day when joe biden came in, ive got to fill in these two guys. Let me bring this up, everyone is talking about the president ial election, not the election but the outcome creating a real crazy scenario. The economist have it on the cover of a magazine and they said 40 of democrats say if President Trump were to win the Electoral College but lose the popular vote, this would be a redo. 30 of republicans say if he loses it what is going on . Everybody has lost their minds. Im very intrigued by what we are calling the red maras which is a lot more Trump Supporters voting in person on election day so when we get through election night, its entirely possible donald trump is not only going to be leading but could have a sizable lead. And they start counting the absentee ballot, vote by mail and we start to see things change. This will be a mess but as a lawyer, i am fascinated to see what the Supreme Court will do this time around. Remember the last time the last time the Supreme Court had to do it they said dont think for a moment this is president. Charles john roberts has gone completely left. Weve got less than a minute b but, your thoughts on the election. Theres been a lot of talk about this. Its called contingent election, hook it up. There are two things, if the maras plays out, the overwhelming, President Trump one by 74 electoral votes. The tops 100, theres not much of a contest when you look at even the request for absentee ballot, they dont outweigh the racial that would be needed to overcome it so thats why theyre focusing on the upper midwest, wisconsin, iowa and michigan that can change the map for them menu at 18 votes in ohio, 21 pennsylvania. You talk about a major win i dont how that computes with the red maras. Charles we are out of time. We have the four corners, you guys have perfected that but we are out of time. Appreciate it. [laughter] will pick this up next week. Todays jobs report was pretty good, our board trends and Unemployment Rate, and going to get reaction from scalia after the break and tiger woods didnt qualify so i they topping this . Ill explain. As hard as is has been for American Workers and their families and, its always meant to be temporary. We had an extraordinarily strong economy. Charles move over, labor secretary scalia in june, the