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Good monday morning. Welcome to squawk alley. Joining us here, jon fortt, myself, mike san tolo. Well get to kayla tausche. The trump rally rolling on, the dow about a third of a point off 20k friday afternoon but reversing gains this morning. Now about 65 points away. Joining us to talk about that, cnbc senior markets common tator mike santoli and guys, good morning. Michael, got a nice postup, arguing that if the rally were truly about trump policies being enacted, this would have stopped working a while ago. Yeah, and in fact, in some measures, it has stopped working. Looking at the past month, you had about a fourweek rush when it was the obvious trump trades working and driving the rally. Since about middecember, youve seen those things actually lag a bit, right . So, you had bank stocks, heavy industrials, all thats lagged. The tech stocks everybody thought would be disadvantaged have been leading the way here. So to me, if you thought policy was a reason to be bullish in 2017, i ....
With stocks and the march to dow 20k, as you know was less than a point away from making history on friday. Plus, coke and p g getting downgraded to sell this morning over at Goldman Sachs. And a busy week on capitol hill, confirmation hearings for the president elects cabinet picks are ready to get underway. First up, once again the dow will take a shot at hitting 20k. Theres a call out of goldman not helping a pair of blue chips the Firm Downgrades coke and p g to sell saying it sees headwinds from a stronger dollar as well as sluggish and market demand. Not often you get two sells on two dow components from one firm in one day. These are companies these are Great American companies. Its obvious that this is a call setting self up for much Stronger Economic gro ....
Hi, everybody. Good afternoon. Welcome to power lunch. Im Tyler Mathisen. Stocks were rallying big earlier. But were now well off session highs. The dow had been up 162 points. And had wiped out its losses for the week. Now, not so much. It joined the s p and nasdaq in being lower for the week once again, despite the gains that you see over my shoulder there of 70 points for the dow. Financials, tech, materials, industrials among todays biggest gainers. Melissa . Thanks, ty. Im melissa lee. Consumer sentiment coming in weaker than expected. Goldman sachs winning a legal dispute with libyas sovereign wealth fund, a ruling that goldman did not abuse the relationship and force the fund into deals that the fund claims led to more than a billion dollars in losses. And the Obama Administration eliminating 100 limit on the value of cuban cigars but american travelers can bring ....
Yeah, you know its funny, charles, you look at the dow, its down like 100 or so. Volatility is really not taking off. Its really the volatility traders, if you will, are waiting till next week. I think thats going to be a huge week, you mentioned all the things that could move the market, probably nothing bigger than the whole vote on the 23rd, i think thats going to swing the market big time, i think. Its going to be a buying opportunity if it swings a lot. Charles youre a technician, if we break those today or going into early next week, when does someone buy, you buy on the eve of the vote because the downside could be more painful near term . No, i think you buy i think you wait and see what happens with the vote. I mean, it could be that kind of thing the market gaps down in the morning and continues on down. Who knows, maybe 300 points. I think the market is a little oversold. We might have another letdown. That could be your opportunity to get into the market. Charles yesterday ....