Sixweek high here. And oil below 44. Our road map begins with the markets and a pause in the post election rally. Plus, were going to get numbers from alibaba on its biggest sales day of the year. And well also have a live interview with its president. Skb disney, the stock volatile after earnings and revenue miss, higher right now. Were going to dive into those numbers. First up, one day after the dow hit the new alltime high, the fed also in focus at a banking conference in chile. Fies chairman Stanley Fischer calling the case for a rate hike quite strong saying the fed is, quote, reasonably close to achieving its employment and inflation goals. No real direct comment, jim, on the election per se, but nudging further along the argument hes made for a long time. Given the run in the j. P. Morgan and bank of america stocks, thank heavens he said that. I mean, this thing a lot of this rally involves again today with the treasuries. People are just saying, okay, look, weve been waiting for this treasury dive for rates to go higher for a long time. And we have got to switch every penny out of you pick your stock. Proctor gamble, lets use that. A great quarter. But you got to sell every share of Proctor Gamble and we got to buy every share of bank of america because the fed is going to raise rates. So hes on script. Dr. Fischers on script. That money aint going back to proctor any time soon. As good as proctor is and i think it should be bought, i recognize youre in front of Freight Train and youre a bus in front of a Freight Train and its the fugitive. Did i read this right . The rally getting out of hand. That there are Better Bargains in the garbage. Nvidia, when i wrote that, nvidia was at 66. It was down three. I said on my game plan if nvidia comes down you must buy it ahead because theyre the number one Data Center Chip company, number one gaming company. That was a good buy. There are ones that are good buys. Are the bond market equivalent stocks that good . I dont know. But the tech stocks. Whats going on though with fang for example yesterday and some of these tech stocks what is fang . How quickly we forget, huh . Whats going on there when you got the s p, the dow obviously screaming and then you look at the nasdaq and particularly a handful of stocks that are getting crushed. Those companies do not need a Strong Economy to have numbers year over year. Were looking for companies that have dramatic increases in numbers year over year. And it will not be as great with netflix as it might be with freeport. It is veterans day by the way. So youre going to hear a lot of this today at the New York Stock Exchange. Theres going to be a cake cutting ceremony on the floor. And about two minutes followed by God Bless America at 9 20. 9 25 a moment of silence. And then of course the opening bell at 9 30. Later on this morning of course the president will lay a wreath at the tomb of the unknowns at Arlington National cemetery at 11 00 a. M. But what an important day, jim. Oh, we devoted our show last night to it. Kind of broke form to have alex g gorski on. I think we can clap and thats great, but hiring is the way to show healing and unity. Because they come back, millions, and they are not necessarily ready to get a job. And there isnt a good enough system, although everyone tries. You want to show love of vet, hire a vet. I would argue it used to be more difficult. Its gotten better. Its gotten better because of some really terrific ceos who have stepped up. Corporate priority. Jamie dimon made it a priority, Howard Schultz. I mean, these guys, this is a mission for them. When youre with alex, as much as he loves j j, wants to talk about the Foundation Set up by a neighbor who literally lost her brother in iraq. This is what he wants to talk about. Because he thinks things are bigger than j j, Largest Health care company in the world and i love that. Its never made any sense to me why its so hard. Weve got veterans who are trained, disciplined, are schooled to work in an operational context. Think about the unit rather than the self. Its a nobrainer. Operate under stress conditions. Yeah. We had 40 cadets yesterday and then there were some veterans and there was a woman there who was at west point. What is she doing . Shes running Cyber Security for j j. Would you not want someone who served in our armed forces who did Cyber Security running your Cyber Security . I mean, how could you not . How could you not . Well talk about that a lot more today. Goldman today says of all the topics number one thing that comes up with clients is Corporate Tax reform. And the degree to which the s p earnings would move 8 higher if the plan that were looking at actually happens. Well, i do think that this how much of it they dont know how much to purchase or dividen dividends. Rate would go from 26 to 20. Oh, the rate itself. Not in terms of what money is brought back and potentially applied to buybacks and share count reduction. Happens immediately. Yeah. And the other thing that happens immediately, you see that were dismantled for dodd frank. A lot of people talk about this point you cant easily dismantle you can dismantle anything. It will take a little while, everyone the acas going to take a little while to repeal and replace. But the stock markets not waiting. The stock markets made its judgment. And the thing is its the lack of divided government. Weve been living with it now for a long period of time. Now you can clearly see a road map that gets you to this outcome, especially on tax reform. Right. Where theres a great alignment between president elect and obviously both houses of congress. Yeah. People have to recognize remember you would always have this why dont we have tax reform and democrat would say they have to first agree to having higher rates for rich people. Right. And the republicans would say, no, they first have to cut the taxes. I mean, it would be this insane thing if there was never going to be a meeting of the mind. Never. You couldnt have a meeting of the minds. Well, now the minds are melded. Im still trying to understand the action over the last couple of days, in particular led by the 10year and the yield which has gone up gone up again today. Where are we now above 2. 1 . Yeah. What impact thats had back to the technology stocks, google, why was it down so much . Or apple you could make an argument because of china that figures in, even though they have so much overseas and that might come back and that might be beneficial. On facebook, why down so much, jim . Well, because facebook is a very done trade. I mean, people have recognized that it could earn say 8 and thats great. You dont raise numbers on a new president. You do raise numbers j. P. Morgan. Is it a rotation . Yes. Whats it a rotation to . You can raise numbers on a lot of companies. I mean, thats a belief that you can raise numbers on a bank. Right. You just can. Dramatically. Theres a story theres a school of thought that companies with high effective tax rates are outperforming this week. Well, thats very good. But a wider dispersion in companies levered to repatriation. Google and amazon and microsoft and apple. You know, some people feel theres retribution going to happen. That these are companies that are in the cross hairs no. On amazon you wonder a little because there was the feud. I dont know. Thats specific between the president elect and mr. Bezos. Right. And whether that actually becomes anything. Who knows. I dont know. Prince alaweed, talk about personal gets solved during an interview on squawk on the street. I remember when i was a Hedge Fund Manager i would say, look, whos going to have the biggest number gains year over year . And one of the guys would say, well, you know what, we already decided thats going to be microsoft. No, i said no. Everyone knows microsofts going to have big up who did we not think . And it would be like reynolds metals, go from earning 6 to 23, i remember there was a time it was like, hey, listen, reagan, bethlehem steel, im taking minus to plus 24. The analyst drive. Youre seeing and when you look at matthew bosss numbers what hes say about these retailers, which by the way good feeling on retail. Did you see the runs on macys and kohls . Business confidence is moving up a bit because the idea of less regulation. But coppers not up three days in a row. Its up 15 days in a row. An alltime long streak. That is just animal spirits, no trade war in animal spirits. People dont think theres going to be a trade war. Why not . Why dont they think theres going to be a trade war . Who knows. You dont know. The press is very good about it today, but when you see copper up that much, its not just short squeezed. Theres got to be some real demand. But its not going to be in this country. We dont use copper the way we used copper ten years ago. You know, coppers been replaced by aluminum. Right. But alcoa have you seen that monster since that was unleashed . Did you see wells fargo yesterday . Wells fargo, my travel trust owns wells fargo. This is going from the company that was going to be the poster boy of bad, right . When we were going to have draw on the quarter mutiny and bounty hearings with president warren meeting with president clinton about tim sloan doesnt belong because hes from wholesale which is same as retail. Suddenly its like, hey, wells fargo, whoa. Best week for banks since 2009. Yeah. 2009. Not to mention as you said metals. Copper for the week up 15. Nickel 13. Iron 10. Valet is up. Look, theres a Consumer Protection period. You know theres a Protection Bureau that was created to protect us from banks. Yes. Well, i dont know, what do you think we do with that . What do we do with that . I dont think much happens there. Maybe we make that more of like a pta thing. I mean honest to god. You can eviscerate agencies. I remember taking this agency law class at harvard and it was like while we were studying reagan was dismantling the agencies we were studying. Well, how about this, you know, federal like faa, well, thats nothing, he got rid of the faa. Theres craziness. You can get rid of these agencies. Hope we dont get rid of the faa. I think we need that. But you can put people in there who are just like the got rid of air Traffic Controller strike. Right. When they started icc it was packed with guys who like the railroad. You put the people in these agencies that are likeminded and you dont really have you know, wells fargo suddenly gets a congressional medal of banking. You didnt even know they handed it out. I didnt. I didnt know that was a thing. You didnt know they got the congressional medal of banking. Missed that ceremony. We have a lot of movers we havent gotten to yet including disney and alibaba. Also templetons mark mobius, take another look at the premarket after that dow alltime high on a closing basis in the best week for the s p in two years. Were back in a minute. As we said earlier, u. S. Bond market is closed for veterans day, but regular hours for globe x. Rick santelli is going to explain at the cme. Good morning, rick. Good morning, yes, the cash markets closed and the Bond Market Association of course and everybody paying their respects to all of our Great American veterans on this veterans day. But a lot of other markets or cash markets are open. So were going to take a little walk through other global sovereigns. Lets look at a oneweek of bund yields, climbing. Oneweek of italian, over 2 climbing. Oneweek of canadian yields over 1. 50. A oneweek of gilt, thats the uk getting closer to 1. 40. And everything you should have noticed there that i really want to draw attention to is that even though their yields have moved up pretty progressively after the Election Results like all markets have had a big move, they have come off just a little bit. Now, if we look at a onemonth of the tenyear, im only showing you the cash, it is closed, but i want you to see the pattern there because i want to show you a market that isnt closed that we dont use as much, a onemonth of tenyear note futures. So of course as the yields are moving lower or higher, you see the futures markets are moving lower. So that onemonth chart youre looking at of tenyear futures is really the mirror image of that cast chart. The reason im showing you the live action is the same dynamic were seeing in other sovereigns. Weve had a lot of aggressive sessions where the price of course has moved lower as yields have moved up. But what i want you to notice is they made a new low and then it reversed a bit. So if we were to actually open our cash market, yields would be a little lower versus a little higher, and most likely thats because the cash market is closed. Not an aggressive tendency there. But the other sovereigns are of course Still Holding on to the bulk, and i mean the bulk of the gains. Lets look at whats going on with the dollar index. Thats a oneweek chart. Heres whats noteworthy, we are now toying once again, once again with unchanged on the year 98. 63. Back to you. Thank you, rick. Rick santelli. Well, alibabas holding its annual singles day Online Shopping event. The company has well surpassed last years total 14. 3 billion in sales. As of the last hour gmv surpassed 15 billion u. S. Alibabas president Michael Evans is going to join us live from china a bit later in the hour. Growth is decelerating year over year. Thats expected law of large numbers, but it will be interesting to talk to him also in part of what theyve been looking outside china what does a Trump Presidency mean for those ambitions in terms of being able to sell and people buying. But overall a successful singles day it appears. Topped off a little bit. Right, david, i think what im curious about they sell a lot of apple products. Yes. Is there anyone starting to rumble that if trump comes after us, we have levers, we dont need to sell apple products on alibaba . The communist Party Controls a lot of what happens including im sure what merchandise gets sold on alibaba if they want to. I think its a fair point. And theres going to be a lot more focus on what levers china has if in fact we do certain things, for example, item number one was labeling number three i think on the trump agenda was labeling currency manipulator. Yes. So a lot of talk about the uk as well. Part of the reason people say the sterlings higher is a soft brexit is more likely since may and trump can work a lot closer together and that strengthens her hand. Well, sterling, that makes sense. Theres an article in the wall street journal about areas where the actual articles about, thats where i go in mexico where there are 500,000 cars being built and there were no cars being built when i moved there. When we come back, Howard Schultz of starbucks saluting our veterans. Youll hear what he told jim on mad money last night and youll get that moment of silence in just a couple of minutes. Is it a force of nature . Or a sales event . The season of audi sales event is here. Audi will cover your first months lease payment on select models during the season of audi sales event. bing what are you doing . Getting your quarter back. Fountains dont earn interest, david. You know i work at ally. I was being romantic. You know what i find romantic . A robust annual percentage yield thats what i find romantic. This is literally throwing your money away. I think its over there. That way . Yeah, a little further up. What year was that quarter . What year is that one . 98 thats the one. You got it nothing stops us from doing right by our customers. Ally. Do it right. Lets get out of that water. About tempurpedic mattresses. Ally. Do it right. Is that they contour to your body. You just have to lay back in my tempurpedic, and it just kind of forms to my body. It comes up to you, like hey, there you are. Hey, there you are. Im going to put you to sleep now. It keeps us comfortable and asleep at night. Can i take a nap now. Its our biggest event of the year. And a great time to buy a tempurpedic, with our best prices on all tempurpedic mattresses. Save up to 600, now thru november 29th. Get your tempurpedic. The most highly recommended bed in america. This car is traveling over 200 miles per hour. To win, every millisecond matters. Both on the track and thousands of miles away. With the help of at t, Red Bull Racing can share critical information about every inch of the car from virtually anywhere. Brakes are getting warm. Confirmed, daniel you need to cool your brakes. Understood, brake bias back 2 clicks. Giving them the agility to have speed precision. Because no one knows like at t. Their level of integrity, work ethic, leadership skills is beyond reproach, but also on a cultural basis, which is so important to a company, when starbucks people are working alongside a veteran, their level of pride in what the Company Stands for, and i think weve now opened up stores that are veteranbased. They have an apron that says theyre a veteran. And i think what weve tried to do is raise National Awareness and discourse about what it is to serve the country. Just got a chill hearing him talk about that. I thought so too. And what howard was saying dont hire the veterans because its right thing to do. You hire the veterans because theyll better the other employees. He is saying this is who we love to hire. Yeah. And i think that was really important because i think theres still a sense of like, well, yeah, theres patriotism involved, but hes saying its patriotism mixed with the fact these are great hires. This is where you get your people. And it was chilling because hes talking about were entitled because of what they did. Now we have to do whats right for them. Right. But also whats right for our company. Youd like to see an environment where its not service jobs, its not all food and bar tending and waiters, right . Well, i mean, throughout the organization. But youre absolutely right. I do say one of the things that howar