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Doc, they draw the live. You get taxes through and go to 2850 on the s p. Okay. You dont, you get an air pocket pretty quickly of 5 to the downside that sound all right with you . I think that when we hit the new year, when we ring in the new year, if we dont have a tax plan passed, judge, we will see an air pocket. Dont know if its 3 , 5 . I doubt if its much more than that, but thats, like i say, a little over a month from now what im looking at if it doesnt pass, so not this week, but i think they will do it into the new year if that doesnt pass. Jim lebenthal, this goldman prediction about...

Does seem to be pretty good between now and the end of the year. Well, i mean, look, just from a Bigger Picture, we talk about trend a lot and i think you have to respect the primary trend, and so from that standpoint lets review what went on last week, a holidayshortened week but so what. A new record alltime high in the nasdaq and the dow, and then you had the canary in the coal mine that was supposed to be down and a new 50week high in the lts so you can look at all these things and say im going to go the other way of things. Youll be on the wrong side of history of over 100 years of market...

Has us asking the question is tech now firmly out of favor, or is this just a rest and people will come screaming back in. So firmly would probably be a bridge too far but out of favor today, sure, and by the way, this looks like a repeat of an episode that we saw on wednesday of last week, so you look at, like, for example, s p value index, which just breaks out the value stocks within the s p, up 1. 2 and s p growth up 0. 4 or flat. This is more than a oneday thing, right the banks listen. This is tech down 3. 5 in a week. Amazon in a 6 drawdown which slashes its yeartodate gain to a pitiful...

Jpmorgan, goldman, the xlf. Financial are just ripping. The pharmaceuticals have done pretty well. All the stuff i hear about small caps are the place to be with tax reform. Right. You keep hearing that. Why not the big guys . Why not i agree with you looking across the desk, most of the people sitting on this desk right now have huge exposure to some of the bigger cap stocks whether its jpmorgan or citi or bank of america, you name it across the board, scott, what are we seeing, the transparency of the fed and in front of the fed so we have a sense of what the fed is most likely to do and the...

Sector down, not much, but still down utilities, real estate and healthcare are leading the way let us start with oil. Heres the thing, pete weve been here before if youre lock oil, youve had your heartbroken a few times. Yes, i have, indeed. Is this time different . I feel like it is different and the reason i say that weve seen so much options as of late. By the way, yesterday was the lowest volume day in the options for the entire year of 2017 if you exclude some of the half days that weve had. Weve seen paper flows very, very indicative of where the directions are going and seen it in ener...