Lets bring in our guests today, arguing that stocks might not be so close to new highs for very long mike wilson, Morgan Stanley, back with us good to see you. Glad to be back. 10 correction is the most likely outcome why is that . Its a continuation from the call we made in september where we got a 10 correction. We walrallied back all this comes back to our framework. We look at the valuation its pretty full volatility has picked up because of the events they know are out there, whether its the virus, the second wave, or the election the premium we believe is a bit understated from where it should be thats all were saying. Its full here these risks are not going away for the next 30 days theyll be with us so, look, the range we put out in august, 3,100 to 3,550 holds. Were still bullish on the vshaped recovery, the call we made a while ago we think its a new bull market. But its risk reward and the risk reward for the upper end of the rage is not that good. If the facts change, could
108 points hire. So good news all around. Lets see if it can stay this way. Treasury yields, you can look at a 10year note at. 681 we have so much going on the fed kicking off a twoday meeting. The first since it put new framework into place isnt expected to change Interest Rates fed chair powell planning to answer questions about the outlook during tomorrows News Conference then we have the data coming in today where we get august import and export prices. The latest productions numbers and the earnings, we have fedex and adobe. A lot of other news, joe i can hear the bounce in your step i hear it in your voice. I think it might be the guests we have again today. I know you are excited for the hour we had great guests yesterday and great guests today we have bob from viea come cbs Jared Kushner coming up in the 7 00 hour. Kevin mccarthy then i realize we miss becky whenever shes out but you like to talk and i guess i do too so it is 50 50, instead of 33, 33, 33 you dont have to admit
Somebody to sell if you go back to our march survey, what we saw was that the level of bullishness on the stock market was one of the highest readings we had in the history of our survey. That told us things were scary in terms of fundamentalings and news flow. They sort of knew inherently this was that point in time was the right time to buy the market they stepped in to help contribute to the rally. Now what we see its not that everybody is bearish the bearishness is starting to pick up where where we were last quarter and the bulls have fallen down sharply. Now, what is extremely in our survey is the percent who say valuations are expensive and that hit a new survey high whats that telling me as the tape weakens here, the news flow deteriorat deteriorates im talking to Institutional Investors that are not inclined to support this market the way they were in march i take it as a bearish read. Less about the level and shift in sentiment were starting to see and the reasons for the shi
Future, this is abc7 news. I am angry. I am hurt. I am frustrated. I am sick and tired of being sick and tired. I dont want to see one more black man die at the hands of Law Enforcement. Powerful words from San Franciscos mayor this evening and she is not the only official who is grabbing attention. The black community is not responsible for what is happening in this country right now. We are. Governor newsom taking a strong stance in for of protesters. I am just sad. I am trying, you know, im trying to remember why this is worth it. A Restaurant Owner in oakland says some of those protesters simply crossed the line. Good evening. Im larry beil. We will get to all of that in just a moment. First, the curfews effecting a dozen cities in the bay area. Oakland is the latest city to enact a curfew. Mayor libby schaaf says extreme violence and unrest combined with new Police Intelligence make it necessary for police to stay for people, rather, to stay home. The curfew runs from 8 00 p. M. T
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