Protests and the fallout from joer george floi, but the market and stocks are focused on Economic Activity, period we just keep getting good news its good news off very lowered expectations whether it be cheesecake getting a lot more people than they thought or the airlines this morning. American saying good things. Whether it be ebay pronouncing right now things are better than expected whether you talk a look at a lot of the companies that, you know, morgan stanley, gm, of course this quarter was the weakest, but maybe next quarter will be the strongest. We have a number of Oil Recommendations saying they have come all the way back. So the street is really bullish. After being very bearish you see a lot of price targets that were cut severely are now going back up. Its a kind of dont fight the trend where the most overbought we have been since 2009, but if you go back to 2009, we were up 11 on the s p. We had great period after. People are fighting the tape if theyre selling. How abo
Good morning im becky quick along with joe kernen and ars there are some red arrows. You have to look at what has been happening over the last week joe mentioned it is up 3. 5 this week alone watch what has happened. The crazy whip saw market picking up again walking you through the dow. Thank for peter for helping me out with this. The record high 25,551 on november 12. Falling to the low on march 23, 18,591 yesterday, june 3, the dow up 41 back to 26,269 the same story with the s p. Looking at that, you will see it hit a record high 3,386 on february 19. Fell on march 23 to 2,237. Yesterday back to 3,122. It just shows you how rapidly these things have happened and how much ground has been made if you are looking at the nasdaq. Only up 1. 4 from the record close from february 20 treasury yields have picked up the 10year yielding 0. 746 . Crude oil prices are down this morning. Concerns that that opec plus meeting. That there will not be any cuts extended a lot of that comes as you ar
Businesses across the whole economy. Australias pension faces rising outflows as people are allowed to tap Retirement Funds to weather the fallout from the pandemic. Shery happening right now, President Trump speaking at the white house, saying that new infections remain flat across the u. S. Take a listen. Pres. Trump so we have nobody died and i said china, you cannot come in, sorry, because i saw what was going on. It was not so much what i was told, it was that i saw what was going on and i didnt like it. But, i didnt speak to tony about it. I didnt speak to very many people about it. What did i do . Ready . January 31, in the United States, not one person had died because of the, again, the wuhan virus. So, i issue travel restrictions on that date even though nobody died. I got brutalized over it by the press because i was way too early. I should not have done it. Brutalized by the press. I have been brutalized for the past four years. I used to do well before i decided to run for
Less normally. Lets start there, jim, in terms of the market overall. I have a lot of insight this morning to share on the credit markets where i tend to be focused of late. Like to come to you. When you see a rally, the likes of which we may at the open this morning, what are you thinking what i think about when i see this, the market got oversold, people last night went home thinking theres no possibility of any sort of deal. Without a deal all you have is the fed making sure theres liquidity but nothing in the hands of the people. If you dont get money in the hands of people, people will look at the landscape and say its really just falling apart something has to get done. Now theres an expectation that something will get done. If we dont get something done today with the senate, youll give up this whole rally youre banking on the politics getting together for something, otherwise this rally will be comical and you will wish you never bought in. Well be able to offer hopefully peopl
And say the market is reaching extremes of being oversold theres been signs of internal panic and we were set up for at least some kind of snapback. A couple caveats there, we did have a couple tuesday rallies of 5 and 6 the past couple weeks that did not arrest the downtrend. One thing you can hang a little bit of weight on right now is the fact that over the past several days youve been able to look below the surface of the indexes and see more differentiation, separating winners from losers and a little more stock picking and less indiscriminate selling all sets us up for a good bounce on obviously expectations of policy traction that were getting from the fed and congress likely. All that seems to say its a bounce, a very strong one, its an overdue one will it carry on to anything i dont know that we can say for sure, but i like to say every bottom start with a bounce, not every bounce becomes a bottom. In the meantime just i think to put your point into one phrase, its turnaround