Talks today and reconvene in december. Successful talks could open the door to ending sanctions on iran. Brian, over to you. Thank you very much. Good morning, everybody. In Corporate News starting your week, American Airlines and its pilots union say they will keep talking with the goal of reaching a new labor deal by middecember. The two sides putting off a plan for arbitration. By the way, shares of american have been up this year 70 . Speaking of the skies, commercial drone users are still waiting for new federal rules. The days wall street journal is reporting the faa will require operators to have a license, limit flights to daylight hours, remain below 400 feet and stay within sight of the person at the controls at all times. And the 2014 shipping season is coming to a very early end on the upper mississippi river. The reason . Ice. This is said to be the seasons earliest closing in nearly 50 years. It is bad news for many farmers who are now going to have to find other ways to get their crops to new orleans and other ports. This drone thing, we just showed a picture of a pizza pie, that means you cant ever send a pizza pie by drone ever. There were three close calls at an airport i have heard in the last week. Its getting to the point where the airlines are starting to get too concerned. There are too many near misses and theres a need for federal regulation on this. The other stuff you can get around, but the rule or the reported rule about staying within sight of the person with controls, that would eliminate any amazon delivery, you cant do it unless the guy at the controls is a really fast runner. I think its a good idea, though, right . Do you really want these flying all over the place . One day i might. If i actually felt comfortable. But thats a big if. And birds, they dont follow the rules. Never. They just do what they want. They are the honey badgers of the skies. Other breaking news this morning, a scary report from symantec who says its researchers have found a sophisticated piece of malware circulating throughout the world that appears to be used for spying on Internet Service and telecommunication companies. They are suggesting that the malware was created by a likely Government Agency. Everybody watch out. And another wellknown sports name speaking out on gambling, this time it is mark cuban who has never been one to mince words. He strongly agrees and says with the nba commissioner adam silva arguing that sports gambling should be legalized and he predicts this will happen between three to five years. Mark is talking his own book, but theres an argument made in countries where you have gambling, it increases the interest in sports and increases the Sports League in multifold. Agreed. Well get a check on the monday morning markets. We are calling it monsoon monday here because its about 40mileanhour winds and rainy. Welcome to malaysia. All right. Well get a check on the futures. Were seeing a slight potential uptick here at the open. Becky and i were talking before the break, we are in the strongest shortterm rally in at least 50 years for the stock market based on the fiveday moving average. We are pointing this out about a week and a half ago. If we finish higher on the s p 500 today, we will have tied or broken a 50plus year record for a 30day move in the s p 500. And thats coming off the lows of october when we saw almost a 10 correction territory at this point. It has shot up since that point. I didnt realize until you pointed that out it was so unusual of a move. The s p is up 5 in 30 days. Quite a move. So in europe german Business Sentiment rebounded just a bit this month to snap the streak of six straight declines. Europes biggest economy barely avoiding recession in the Third Quarter, to south tease news is cheered. A little golf clap action as a side of the turnaround. You can see germany and france are all higher. What about the price of oil . A slight drop in the futures markets, but again miniscule. Well watch this closely heading into the Holiday Shopping season. And the bond market tenyear treasury yield is down slightly. The u. S. Dollar, 118. 22. And the price of gold right now moving down 3. 20 for gold traded overseas. Gold is down 6 in the past month. The nikkei, we didnt show it to you because they are closed for their thanksgiving holiday. But we saw the asian markets reacting to everything we saw last week. It was another week with another record run for the major averages here in the u. S. As well. The s p 500 rising 11 from its october lows. So should investors expect a breather any time soon . Joining us on the economy is the chief economist at jpmorgan chase. On the markets, we have the chief investment strategist at fema Capital Markets. Brian, well start with you talking about the markets. We saw what happened friday first of all with china and europe with the moves by the authorities to try to make sure that they are trying to arrest any declines in what has been happening with their economy. What does this mean for us . Good morning, becky. We think we are transitioning this cycle from the prior cycle that was all about em and nonu. S. Growth. That was really the key to growth, right . This next sickle is going to be the opposite, all about north American Growth and incremental growth on top of that is coming from em in europe. Thats the difference. So were transitioning for good news is good news and bad news is bad news. So i think people are becoming more comfortable it is all about north america. And in china, em, surprises the upside, thats where the incremental growth comes from. We are not going to only think about in managing our businesses only for nonu. S. Growth. Thats a big, pig change. So you think we have two good things going for us. We are coming out the other end of this and we look better compared to everybody else out there . Well, the case was we are the best in the bad neighborhood. Thats not the case. We are the house. In any kind of improvement is a positive, but the key thing is we dont need the improvement in em and europe to continue to grow. And any kind of incremental growth we get from that will be the key on top of that, not this sole grower. Bruce, how confident do you feel with the economy right snow we are going to get a lot of data points this week, jobless claims coming up, what do you expect from all the numbers . I think what youre going to see this week is some pretty good news coming out of the consumer indicators. The personal income reports should show a good gain in october and the november confidence readings. I think thats important because its telling us the falling gasoline prices and the purchasing power lift is making its way through. I think on the other side of things, i dont think durables will be particularly exciting. I dont think the housing indicators will show much other than a flat move. We think we got an economy doing reasonably well here. We think importantly the lift from Lower Oil Prices is still to be felt in the numbers. And i think importantly thats a Global Development. And its important that it is the Global Development because i think what we have had in the last few months is consistent disappointments pretty much everywhere outside the u. S. You mean thats the type of thing to keep europe from falling into a recession . Yeah, i think its a lift for europe. Its a lift for asia. It is, of course, pushing Inflation Numbers down to get part of the action on the central bank side that were going to see. Well see a very low european inflation number on a year ago basis as it prints this week. Brian, even though you think that we are at this point the only house in the neighborhood, you still think that this is going to be sideways trading essentially through the end of the year. Theres a bit of a news vacuum. And we got all excited about fiveday moving average. Oh im not going to apologize for being excited about that. I mean, were six years into a 20year bull. Lets take a deep breath. Its the biggest stealth bull market of my 25year career. Nobody believes it and were not there yet. Six years of 20, where do you get the 20 part . Pardon me. You said were six years in of a 20year bull market. 20year bull market. Private clients still not playing. The next five years we transition into flat multiples growing revenue and earnings as businesses come back to america. Five years during that fiveyear period we give the emerging markets time to take down their capacity, deal with this transition from a demand economy to a supplyled economy. Then we move into the credit creation cycle in three to father years. Then you are ten years into the bull market going, ten years into the bull, what . Is brian right . Did you miss it in october if you didnt buy it . Was that your one chance to buy in on a dip . I hate to say it, but we are into the old 80s and 90s scenario. By the end of the day, the u. S. Stocks are pristine assets and become pristine because of the massive structural change they have gone through over the last 15 years. We are all that conservative, we have rebuilt our Balance Sheets and the assets are the most stable in the world. Now well take the stability and grow from that. Okay, bruce, so listen, my cohost on street signs calls me captain america because i have been loving the u. S. Economy for the last threeplus years, but if you look around the world, there you go, belgium, germany, asia, almost everything is up. Theres a couple of markets down in the past 30 days. I can understand the only house in the neighborhood argument if we were the only market up. But every Global Market is up over 30 days. Where is all the new money coming from . Well, i think there are two things to remember here. One is we had a very disappointing middle part of the year outside the u. S. , flu is, i think, some lifting coming. Japan is probably going to deliver 2 or more growth this quarter. The euro is going to be over 1 . Some of that is payback for disappointments technical in the Third Quarter. But we are also getting a lift from stronger Consumer Spending across the world. One more point here, around this story which i think is positive in the nearterm on growth, we have a terrible supply side story in the u. S. If we are talking about a 20year bull market in the u. S. , the weakness in labor supply and the weakness in investment and innovation in the u. S. Is the real threat we have to worry about in terms of the broader story. Thats a good point, brian do. You worry about that and what is the solution . Is that something to derail at all . We have to retrain our workforce and some of that money in terms of onshoring has to do that. In terms of targeting unemployment, i just dont think thats the key thing but what we need to see in our country is wages go up and incentivise companies to retrain them to bring the capacity back. If thats what the behavioral change is going to do to take a while to get that going n the meantime the money that we think will continue to come back slowly as a credibility for ek we as an asset class. That comes with positive returns and more importantly the whole reason people left equities in the first place is because they felt pain and fear. They wont be losing money and say, okay, time to buy equities again. As they slowly start to tick up, slowly, the investors pouring money into the fixed invest got to do it again this year. As you lose money to feel the pain, thats when you see more of the rotation. The price target is 2050 for the s p 500 this year. I wont ask you your 20price target or 14year price target but what about next year . We debut the big forecast a week from today in terms of 2015. Number two, over the next three to five years we are back into the normalized equity return of 8 to 10 . Some years will be more, some less. 8 sounds pretty good. Well take it. Let me just talk to belgium a minute, who cares about stock market . My gland grandmother cared, god rest her soul. My point is if all the Global Markets are higher, where is the money coming from . If the u. S. Is up and everybody else is down, then well argue that capital is here out of our problems so much better than every other people. The fact that every Global Market is up. Thats where i wonder where the newfound strength is coming from. So people are buying the into the markets. I figured bruce might need the answer to that question. Thank you, mario draghi and janet yellen. Is it just not that simple . I think theres the man starting to pick up, but i think the central bank story abroad in terms of doing things con stucktive, we certainly need to see more from the europeans as an important part of this. I think the u. S. Numbers are what most people are looking for. Bruce, brian, thank you for joining us. And by the way, be prepared for the onslaught of negative comments from the belgiumamerican community here. But im part phleflemmish. So i can get away with it. Im irish, too. Google glasses are supposed to be over with. Apparently you can buy them on ebay now. They are terrible. Folk wants them. When we come back, tis the season for shopping but will the weather derail black fridays kickoff . We have an answer the forecast from our partners at the weather channel. Well do that next, but first a deal just crossing the wires this morning. Biomarin is buying prosensa for up to 840 million. Prosensa has no marketing products, by the way. Biomarin is a drugmaker to focus on rare diseases. Well talk about that when we return. If you went to sleep early last night and missed last nights nfl game on nbc, dont go to the Office Without checking out this catch because its certain to be the buzz story of the day. Take a look, the giants odel beckham jr. Making a catch with one hand while falling backwards. Some tweets call it the greatest catch ever made, but the catch was not enough for the giants. The Dallas Cowboys rally to win with this 13yard touchdown pass with 61 seconds left for the winning score. It is one of the heaviest shopping weeks of the year, was will the weather cooperate and how will temperatures impact the retailers . Paul walsh is here with the meteorologist for the Weather Company, the Parent Company of the weather channel. Paul, welcome. Listen, we always talk about weather. I hate talking about the impact on retailers because youre going to shop no matter what. But is there some place in america where literally people cant spend money . Besides buffalo. I think, brian, were going into a timeframe where the weather will be very helpful for retailers. We are looking at the potential of a winter storm on wednesday, a travel day, but not necessarily a shopping day. I think by the time we get to black friday, the weather across most of the country is going to be dry, which is critical for retailers, but more importantly seasonally cold. Which is really good and good for apparel retailers and department stores. And the fact that its going to feel like winter and that weve had the cold weather the last few weeks is really going to be a big tailwind in terms of helping the Holiday Season this year. So cold weather is good but do people go out or just bundle up and stay home . This time of the year temperature is important. If youve got temperatures much more mild than normal, that actually is bad for certain sectors. Department stores will do less in terms of sales of seasonal apparel. The key is having no precipitation or snow. This year up against last year, we had the polar vortex last year and horrible weather some we have a very easy comp. Although we are looking at a winter storm on wednesday that is not going to affect shopping. By the way, theres a 50 chance well name that storm winter storm cato institute. With a c or k . With a c. It is named after a roman god. So what would that be . Give us an advanced weather look then. Where is cato going to hit and who is it going to impact . Its going to impact the northeastern u. S. So all of us living anywhere from d. C. Up to boston are going to be getting anywhere from three to five, six inches of snow. If you are inland or on the coast, it will be heavy rain. Its going to be horrible. This weekend in the northeast we are going to get a half foot of snow on the busiest traveling now you have something. I95 which as we know is a joy the day before thanksgiving. It would be very difficult . Im trying to be polite. Yes, exactly. So that will be the winter storm day. The good news is that it will impact all of our travel but it wont impact Holiday Shopping, just to put a bright spot out there. I think i would rather have the Holiday Travel working for me than Holiday Shopping. Unless i own retail stocks. We could have a white thanksgiving. In parts of the northeast. It is possible. Its definitely possible. The farther inland you go, the greater the chance. Of course, you know with these winder storms, the noreasters, very small changes in the track of the storm can make big changes in terms of the weather. But every day it goes by its looking more and more likely to see the winter storm. If we name it winter storm cato, i think thats cool. Im dreaming of a white thanksgiving. Turkey legs were pinned by the chimney with care in hopes that the stuffing would soon be there. It should be great. Youre staying home for thanksgiving, i take it . Not only am i off wednesday, thank goodness, but i was supposed to run a 5k thanksgiving morning and this is my out. I was not looking forward to it. Im out of shape. You know, this paul walsh, the bearer of good news for me, anyway. Bad news for everybody else. Brian, i, too, am scheduled for a turkey trot on thursday which im bagging. You and me, paul. Well have a scotch at 9 00 a. M. Paul walsh, stay warm, buddy. I will. Thank you. Right now we would like to get to keith carson on what to expect from the weather. Keith, you did warn us that it would be warmer today. You did not warn us that it was going to be a monsoon out there. Yeah, it is quite rainy across much of the northeast today. And its not that im going to skip that story but im getting to what paul was talking about. Were watching a storm system wednesday into thursday. So we have to talk about it down here on wednesday morning. Down across the carolinas. And will go up the