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tv   Making Money With Charles Payne  FOX Business  October 6, 2021 2:00pm-3:01pm EDT

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points. oil well off the highs we were seeing earlier. a lot of factors in play. maybe progress made in washington on the debt ceiling thing, other initiatives. nowhere near the progress. wall street can change very rapidly as my friend charles payne says you never know. you never know. see how we do the next hour. charles. charles: neil, that is why we do it every single day. that is why we love it. thank you, my friend. neil: you got it, buddy. charles: i'm charles payne. this is "making money." we started out hunt huge pressure. i got to tell you i love the session from very beginning. paper hands are being shaken out. that is what i like the most. great stocks are getting better prices and getting oversold. but it is not as easy and simple as saying buy the dip. you have to have realistic parameters how to do this. also i have a cautionary tale
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staying out of this market for too long. brinksmanship in d.c. pushing the market to the brink. president biden trying to jawbone the republicans but jawboned the market early today. when history says when any administration panics. how a tear jerking political ad manufacturerred into another divisive rant that ignores the progress we've made in this country. all that and so much more on "making money". ♪. charles: all right. so all morning long we saw market jitters. brinksmanship in washington d.c., really ratcheted to a dangerous level. energy prices around the world are markenning back to memories of the 1970s. there may not be a stagnation scenario, data holding up really nicely. we had this morning a pretty good adp jobs report. we may see even better things but it is clear this market is nervous and yet there is an under current of opportunity that speaks to sort of a calm,
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really no panic. i want to bring in gary kaltbaum, jim iurio with me immediately. fed last tapering, d.c. follies, valuation and obviously the calendar, right? so major indices are off the lows of the session. as comments rolling in from senators mcconnell and thune. i will get into that latewer a reporter with the show. what i need from you guys, rank what is the biggest rick right now, jim, to this market? >> i think it's d.c. i think you know, everybody, the consensus they will wait until the last second, they will come to a compromise they have come to the past. i believe that is the most likely scenario. if you look at these guys, with the great financial crisis basically agreed everything about a stimulus package i think 600 billion, whatever it was, right at the last second they couldn't decide on something
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small. voted it down. the dow lost 1000 points in the blink of an eye. i lost complete trust in them. i think the market is smart to be a little bid worried about this. beyond that inflation is a real story. supply did i are up shuns have worked. organic demand combined with inorganic government produced demand are real things. the taper i don't think is much to worry about, i don't think they can talk about tapering until the d.c. thing is fixed. charles: gary, what do you rank at the top? >> first and foremost credibility of the fed. beside insider trading talking about transitory this and that white cotton is up 60% year-over-year, up 20% the last two weeks. we know about oil and wheat, corn, soybeans all up 50% year-over-year but they said don't worry. meanwhile aunt mary and uncle bob are worried. as far as our wonderful human beings in d.c., well we have an
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administration basically wants to take up to $5 trillion out after functioning economy that produces wealth, jobs, inventions, you name it and put it in the hands of people that lifers in d.c., that have taken us from no debt up to 29 trillion in debt. that would be the biggest misallocation of capital in history. i'm really hoping, i'm not sure he is going to, mr. manchin will put his feet on the ground. i'm not so worried about miss sinema. ii hope they stop whatever they're trying to do. >> you know, by the way on the cotton thing, you have abercrombie & fitch, gap stores, others down a lot on that news. gary, let me stay with you because i feel like coming into the session all eyes were on the semiconductors and they have been acting really, really good, particularly the semis and some of these newer software names. on monday you said watch software. what do you make of the action,
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and maybe the resolve so far? >> i can tell you, it is a narrow list but there is a group of software stocks that are just completely bucking the trend out there. if the market stops doing the nasty to the downside i think they can lead. palo alto networks, symbol, net, a few others. we have this little motto, if they can't send them down not worst of markets, let me say worst of market for tech, a ton of stocks have been just crushed if they can't send them down in the worst they may lead going forward and all these companies have very, have he strong growth ahead of them. watch them closely. of course the semiconductors, they have been under pressure. i'm not through with them just yet but holding longer term support here and i'm looking for better days and keeping finksers crossed. >> absolutely. jim, this morning premarket we saw a reaction to the adp report
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came in better than expected. it may sound like a strange question for people that haven't been in the market a long time but should we be rooting for strong job numbers on friday? >> oddly i think we should. i say oddly we see strong numbers we worry about the fed countering it. the fed has ground cover the next few weeks, they can't talk about taper if they're worried about something weird happening in d.c. and that mission going sideways. i think in the short, medium term hoping a market standpoint, from a general standpoint but from the market standpoint a strong number is good for us. charles: so do i. gary, jim, appreciate it. energy by the way the worst-performing sector today but obviously it has been a juggernaut since election day. headlines around the world speak to a fossil fuel price crisis, natural gas, coal, skyrocketing, energy materials strategist, tracy shugart.
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tracy, whack us through quickly if we can, how do we get to the global energy crisis and how does it resolve itself? >> this has been building some time. lockdowns back in 2020 threw us all into a tailspin disrupting supply chains. this will not be a quick fix. it has been a compounding issue. you can't shut off global trade and turn things back on again. that is not how it works. in western economies, particularly europe are, attempting energy transition just too quickly without a back up plan while phasing out oil and gas and talk near -- nuclear projects. charles: tracy it, blows my mind, reading in the uk, they're begging coal-fired power plants to produce as much as possible. the windmills aren't turning. and meantime china is, they're going to build 160 nuclear power plants nobody in the west wants
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to do that. i want to get to the investment opportunities. our viewers made a lot of money in the names you shared last few times you're on. i will share something with you. i did ask my own clients, my own subscribers to take profits on pxp, pioneer. was i too early? should i ride the energy wave higher? >> i'm expecting stronger markets as a whole. obviously you can't go wrong taking profit, right? today ironically seeing drillers get a boost today, the only positive in the market today due to the eia report showing production back up preida production levels. that said, other opportunity you could look at is product markets and crafts is very strong right now. we're heading into winter with rather severe distillate and propane deficits. likely we see rotation into integrateds and refine that's have been lagging a little bit.
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charles: so what would that mean in layman's terms? cut to the chase, what names specifically cover those areas? >> so you know if you want to look at refiners you can look like mpc, vlo. charles: okay. >> integrated, xom, cbx. things like that. charles: good. >> okay. charles: let me tap into your materials expertise because earlier in the session vulcan materials was number one. i swear almost every time we book you for the show that is number one stock of the day and i'm always asking you the same question. is this telegraphing maybe a infrastructure deal is going to happen? >> i don't know. the overall sector is flat to down today. i think as this bill drags on through congress and the talking about the debt ceiling, but oddly vulcan has been a darling of the materials sector for several large hedge funds that have been amassing some rather large positions into the summer. stockbridge partners, citadel,
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shaw, parker, have rather large allocations. analysts have been forecasting higher earnings and revenue growth over the next 12 months. likely that a bet on a infrastructure bill as we've seen similar moves in the stocks like exp and cx. charles: tracy, thank you very much. always appreciate it. meanwhile folks president biden some summoning paying ceos and other top business leaders to the white house to raise pressure on the gop to raise the debt ceiling but could the optics make things worse? workers, kellogg's cereal plants are hitting the picket lines. they're worried about their jobs going to mexico. is it time we start to onshore factories to america? we'll be right back.
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for an exclusive live stream with jamie lee curtis. a q&a with me! join for free on the xfinity app. our thanks your rewards. charles: markets really paring losses as breaking news continues to roll out of capitol hill. republican leader mitch mcconnell seems to be offering up a deal to the democrats on the debt ceiling auto there is a catch.
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hillary vaughn on capitol hill with more. reporter: charles, this is breaking right just now. minority leader mitch mcconnell issuing a statement really laying out the options he says senate democrats have to avert a debt crisis. i'm going to run through the options that mcconnell is putting on the table. he says he would assist expediting the reconciliation process for a stand-alone debt limit legislation if democrats want to go that route. he also said that they are now willing to allow democrats to use normal order to pass an emergency debt limit extension if there is a fixed dollar amount that would cover fixed spending levels into december. and then after that point democrats would still need to move forward with reconciliation. he adds at the very end of his statement, kind of a fourth option here, he said if democrats want to abandon shoving through this $3.5 trillion reconciliation
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package with democrat-only votes he is willing to on a bipartisan basis raise the debt ceiling but only when they stop trying to shove through all these new social programs, social spending without any republicans on board to do that. those are the options on the table right now. there was a planned vote around 2:30 to lift the debt ceiling and it was expected to fail. they do need 10 republicans on board and 10 republicans, unless something changes with this statement, are not going to let them do that. it seems like there is an offer on the table for a short-term extension through december but at the end of that they would still need to use reconciliation charles? charles: hillary, thank you very much. one thing you say about mitch mcconnell, he never bring as knife to a gunfight. joining me republican congressman greg stuebe from
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florida. let me get your reaction to. this the news is moving fast and furiously. we know these things happen. it feels like the ultimate game of chicken to everyone watching on the outside. what how do you assess what is happening now? >> first off the democrats and schumer will blame republicans for the fact that the debt ceiling submits going to get raised because republicans won't vote for it, they have had the senate, house, white house since january. only people they have to blame is democrats. if they're too late to start about the reconciliation process, maybe they should have thought about that a month or two ago, because they need to raise the debt ceiling, republicans won't help them do that. when i was first elected to congress three years ago, we had a 21 trillion-dollar deficit. we have $30 trillion to the united states. we spent $11 trillion over the last 18 months. the last thing we should be doing especially as republicans
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voting to increase the debt limit. charles: you just brought up the significant increase over the last three years. president biden is saying that is on the republicans and therefore they should be stepping up to the plate. what do you saw to that? >> as long as i've been in the house, as long as i've been elected to congress nancy pelosi has been the speaker for the last three hours. anything coming out of the house where the purse strings are, pelosi is in charge of. that would be my response to that. the democrats have every chamber and have had every opportunity to deal with the debt ceiling issue since january and failed to do that. to put the blame on republicans is completely not, it is not on republicans lap, its on the democrats lap for failing to address it prior to the time now. charles: why do you think president biden, schumer, have overplayed their hand? they knew, they where mitch mcconnell was coming from for many, many weeks, perhaps months. we learned that even
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senator manchin told them when his limits were, what his fears were, what his anxieties were, many weeks, many months ago, to your point why did they allow this to get to this point? feels like it was the public narrative they were trying to weave more so than getting something done behind the scenes? >> i think they honestly thought could use the progressives, use all the people within the democratic party to put pressure on people like sinema, put pressure on people like manchin, eventually they would fold. we saw the video of people accosting sinema on a bathroom, on a airplane, they thought they could bully their way through to get the votes they needed in all these bills but manchin, sinema have been very clear on their position on the filibuster. both of them have said they will not support the filibuster. they have been very clear on that. if they go back on their word, the voters in west virginia and voters in arizona will remember that. charles: all right. so move over mr. grinch because everyone now, the retailers,
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everyone saying hey, start your christmas shopping right now. inventory levels are far below where retailers are historically. i saw a tweet from you saying we need to blame this on dr. fauci and pete buttigieg. you're saying they stole christmas. how did they blow this? >> look, we have all of these shipping containers all lined up outside of california because we don't have the the people and employees to get all the cargo off. where is pete buttigieg right now, the transportation secretary to get all of this cargo offshore, to divert it, get it offshore so it can be distributed across the country? we're seeing record inflation numbers, record supply chain issues. i mean just for example, ford, they can't get the chips in their vehicles. you have ford broncos sitting all over their different places across the country. they can't ship them out because they don't have the supply from the supply chain of the these are critical issues that the administration needs to be dealing with that they're not dealing with.
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charles: yeah. by the way 40 minutes ago my wife calls me from walgreens and, you know, heart transplant recipient there is no one working at the pharmacy. they can't get any people. she cannot get her medicine. she is driving around the county looking for another place. it has gotten bad. congressman stuebe, congratulations on the home run. >> thank you. charles: we'll have more on the debt ceiling and so far how they reacting to mitch mcconnell. president's approval rating continues to take big hits. americans in a new poll think the gop is better to lead the country with better security and prosperity. maybe higher taxes and higher spending are not that popular after all.
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again, that's findingtruepeace.com. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ charles: all right, folks, believe it or not all the major ina sees turned positive after
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senator mcconnell ready to offer a deal to senator schumer on the debt ceiling. i want to bring in joe lavorgna. joe, treasury secretary mnuchin, i think you were with the administration, he called bankers up december 23rd, 2018, next day the s&p rocked 2%. also recall when treasury secretary baker had questionable moves some say helped fuel black monday. the reason i bring these two historic points up, i worry about the administration laying it on too thick, calling bankers to get them to fans the flames of fear. how important is it to have a level of calm within the administration? >> charles, this to me this is all kabuki theater. we've gone through so iterations with the debt ceiling. it is often interspersed with government shutdowns. thank fully we don't have that to feel with. this is such political theater
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of the unlike other countries have default issues or concerns where the markets won't allow the government to borrow money or the government don't have ability to make interest payments or collect revenues that is not the case with the u.s. the u.s. is the largest, most powerful economy in the world, this decision will be 11th hour. this will not be any time soon. it will get people nervous but it is politics. it's a game of chicken as you were saying. it is kind of silly. we've gone through it so many times before and no reason why we won't continue to do it again. charles: in the meantime the adp number this morning was better than expected. the market reacted postively. estimates from friday all over the place. one firm had zero. some other firms much higher than that i think it is going to be a beat, but how do you see this number on friday? >> charles, when i was in the nec, larry, my boss always used to say what you think about the data? larry, i've been doing this long
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enough i know you can't predict it. i have one other point, charles, i guess the st. louis fed earlier in the week took data from home base which is this organization i guess tracks people working from their home, i'm not sure how they measure their figures but anyway they came up with a number of minus 818,000. so we can go from 818,000 to whatever the high number is. this is always interesting. always a number, chars, easier to interpret to react to them. my guess the labor market is still okay. horn necessarily i have no idea what friday is going to bring. charles: honestly i thought we would be doing several more months with a million handles, right? at least three or four we were promised at the beginning of the year. >> charles, you made a very good point there. if you look at the trend, the growth rate in employment from january to present, if you extrapolate that trend which is probably okay some shun, maybe too optimistic that will get us
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back to the pre-pandemic level of hiring, meaning it will get us back to february 2020 by november of next year. so still a long way to go. of course if we have bad fiscal policy, that charles, will extend that period out. we'll not get there as quickly as the fiscal policy isn't done right. charles: joe, let me ask you before i let you go a different type of question on labor. the workers at all kellogg's cereal plants have gone on strike because they say management wants to move the jobs to mexico. according to management these folks are making $120,000 a year. maybes it enticing to shift to lower cost place. we're in the middle of a supply chain crisis. we can't get goods. is service numbers, things are short supply. some things are life and death. do we get to a point we start promoting onshoring of jobs even if it costs as you little bit
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more initially for better long-term out come? >> that was the tax cut and jobs act, signature piece of legislation under donald trump, charles, was designed to do that. low tax rates, able to remit foreign capital at a reduced rate, energy independence, pro-business regulation. that was what is was designed to do which is why if we start to increase corporate taxes, we've already seen the regulatory roll back which is a factor behind the increase in energy costs. that is not going to happen. yes in theory it would be nice if we had more onshoring here, more training. we know that wages are rising under the trump years. that would be a great thing, charles. i just don't know if it will happen at least with this administration. charles: all right, joe, always great having these conversations with you. i dig your pocket square. >> thank you, charles. charles: by the way, speaking of high earners, bank of america announcing this morning it raised its minimum wage, get this to $21 an hour. it is also mandating its vendors
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do the same. joining me head of equities bny mellon management, alicia levine. alicia, more companies are going way above the 15-dollar minimum that was the rally cry. what does it mean for inflation, corporate profits? are we okay with this as a nation? >> so i think it is actually time that america got a raise. i think it's a good thing but the issue is, joe just spoke about it, the big question there, what happened to the workers. you know many industries are experiencing the great resignation. minimum wage, wages have to go above 15, 20, higher to get labor. the real question for the outlook here as we stand today, also for inflation is can we bring people back into the labor force? we're still miss about six million workers from 2020. that is the crux of the issue. it is the reason we have props at the port, it is the part of the reason we have supply chain issues. it is part of the problem.
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this is the one that if it gets away from us if wage pressure gets away from us, can lead to higher inflation overall. this is big question out there. actually something of a mystery, you would think starting $20 an hour would be after attractive to many people. charles: you know so amazing i read all the wage gains of late over last year-and-a-half or so people already earning 60,000 or more. so you have got this place beneath there where folks are insisting on more pay. they tweet at me sometimes, pay these people. they do a liveable wage. now the liveable has gone from $15 to $20 to, a point where listen, how much can a business, particularly small businesses because we saw this adp report this morning. only 63,000 jobs to small businesses there is no doubt in my mind they're paying a price for this. we have to find a middle ground somewhere norfolks with certain
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skill levels. you will not pay them $100 an hour, are you? >> i want to go back to the data for a second. part of the problem in the wages here is that the service sector still hasn't recovered. so hospitality, these are some of the lowest wage sectors before the pandemic. to the extent that the activity really hasn't recovered there because delta is still around the country you're going to see people slowly come back into services therefore earn more f those jobs are not available because nobody is going to hotels or flying, you will see wage pressure in the lower quintile segment. charles: okay. >> but, yes, small businesses at some point will start to digitize instead of hiring workers if the prices are too high for labor. charles: yeah. that jumped out at me on this adp point. large businesses created so many more jobs than small business. that is not always the case. alicia, great seeing you, fantastic to get your knowledge on these things.
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>> thanks, charles. charles: all right, folks, already some folks making money to buy the dip. face it, a lot easier set than done. most invests don't have unlimited funds. they have to get it right. that is what we're focused on in the next block. also not to stay out of this market too long because you know what? that is even worse than missing a dip. plus america has come a long way, let's face it since 1958. why do politicians continue to look backwards rather than forwards? we'll be right back. ♪.
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you hear about it all the time. without a doubt, listen it, has been a great way to make money in the stock market for a very long time. the notion anyone can simply conjure up extra money to buy every single down day is unrealistic. i google ad term. it shows there are 282 million results. there are thoughts and opinions about this. i do want to point out if you're someone 200,000, 300,000 in the market you can't buy every time the market is down. how do you go about it? i want to bring in michelle schneider. michelle, we need to make the distinction, who consider themselves traders and those who want to be long term, mostly buy and hold investors. start with the traders. how do you teach them to go about buying the dip? >> you make a good distinction there. you have to understand between buying a dip and buying a falling knife. i thought about what is the simplest way i could present this to you and your viewers.
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that is having three aspects of what i call context. three different intermarket relationships, right? so the first one is we look at high yield grade junk bonds versus the long bond. so basically what we want to know is that the junk bonds are underperforming or outperforming. right now they're outperforming. that means there is some risk appetite. number two as we look at the s&p 500. against the long bond or the treasurys, interestingly, they're on par with each other. and that means neutral. and then finally i like to look at the transportation sector. you and i talked about that a lot. because it is demand side. how is that doing against the benchmark? interestingly enough, that is also been outperforming. that is your context. then shorter term, i will look for oversold conditions and i will look for price versus where the moving averages are. some things are oversold, strategies or context i told you are good.
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and something comes back to a major moving average, bingo we have a great opportunity to buy the dip. charles: i love how you put that. essentially from a macrolevel, we have two out of three saying bing, bing, start looking for the stock you want to buy. we got the risk appetite. we see demand organic, great for the economy, for transportation. we feel good about this. we start to zero in on the names. i'm looking a stock like affirm. i've been and out of it with my subscribers twice this year. we're back in it. high bait tax volatile name people love to be when they're on a up day, is there any particular way you buy something like that? is there a magical moving average or a certain support point? >> another example since we bought it today, so it is fresh in my mind that is up work. i also have always a list of stocks in my head. they're usually dependent on some kind of megatrend i particularly like or sector
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rotation. this was in my head, did very well with the market came off, was oversold, right? today it started to outperform the market that everything was -- then it crossed all three major moving averages and broke out over these moving averages, giving me a really good risk. so we went in. and we're in and we're making money. so that is kind of how i look. i hunt and i'm patient. patiently wait. charles: i love going to chart and trading school with you, michelle. by the way, folks, i want to point out one thing is the biggest mistake you have. don't consider from 1930 through last year the s&p up 17,000%. if you take out the 10 worst sessions per decade, it would be up 3.8 million%. sounds like i need to be nimble. don't be too nimble. if you take out the best sessions per decade you would only be up 28%. so remember, don't lollygag on the sidelines too long. coming up why more americans
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believe the gop is now the party of prosperity. the market is ripe for opportunities. the sectors we need to be in. one of the best. he called the rally for a decade. brian belski is coming up as well. ♪ as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com
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charles: earlier in the show i mentioned president biden really growing desperate. impacting his approval rating among the american public particularly in two very key areas, prosperity and security. the big shift is happening also among independents. now i pay close attention to these things bah because i do believe there is self-fulling impact. joining me to discuss, john burnett and fox news contributor deneen borelli. john, let me start with you on the prosperity side. 50% in the "gallup poll" say gop is better only 41% of the democrats. people are worried about these grand spending and taxing schemes being pushed in d.c. what are your thoughts? >> the american people know and understand that the lint in their pockets is not good for
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legal tender and they're seeing their democracy, their freedom if you will being attacked in multiple ways, not just through mask mandates an or the restrictions but but freedom taken away by the trilogy of bad fiscal policy. whether you talk about trillions in debt. spending trillions or printing trillions, it is all going to undermine the buying power of the american people. we already know, charles, that they don't discuss capitalism in public schools or colleges and universities. so many of these, the future if you will of america don't even know how to invest, how to create wealth. although they know is tax the rich. charles: yeah. well, i'm going to go to three colleges later this month. i will promote capitalism. meantime, deneen, the media stopped talking about afghanistan withdrawal even though americans are still stuck there. china sending waves of ships to
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taiwan. that is some sort of a test run. i'm not surprised americans are not confident about their security or security in general with president biden, are you? >> well, listen, charles, americans are chanting blank joe biden for a reason and his poll numbers are tanking for sure. he is proving how much of a failed leader he really is. afghanistan, the horrible withdrawal with that and we have a number of americans trapped behind enemy lines that we don't really know how many number of servicemembers were here or killed or harmed. you look at the fact how he is forcing americans with his vaccine mandates. charles: right. >> americans don't like being told what to do. so his policies are harming the country and his policies are certainly having an effect on his polls and rightly so. charles: i want to get the opinion from you all, about both of you. there is a commercial i saw it earlier this week, a guy names
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charles graham running for congress in north carolina. it told this story of folks in a small town that fought back against the kkk in 1958. i got a snippet. take a look. >> the police chief warned the grand dragon these people don't want your trouble. the klansman called us mon half breeds, told him the klan would show him how to handle people like this. that night they rolled in with their cars, their crosses, a single light bulb to a car battery. 50 klansmen, not a bad turnout on a cold night. the problem is they were surrounded by 400 lumbees. >> that part was getting chills, all of it sudden it segues to january 6th and other recent events. to me, golly, isn't it time we stopped acting like there is no progress in in country. i'm sick of these politicians campaigning on the sort of fear rather than hope in the future. you're absolutely right.
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but that is generally what they do, when all they have, charles, which is unfortunate for voters to do their research, do their due diligence to find out where people running for office, where they stand, what the policies are, and how their policies will affect them and their families. it is disgusting. charles: minute left, minute to go. give you the last word, my friend? >> you know when i watched that ad i said you know what? the democrats are masters in knowing how to invoke emotion. but the thing, charles, they don't actually go about pushing policies like crt, right? i synthesize it saying they would rather teach you why your grandfather couldn't get you a loan 70 years ago, instead of teaching you how to manage your credit, how to invest, how to grow wealth now. financial education and literacy should be on, should be in every
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school and on every college campus. that is why i watch your show, charles. because you bring that message to the people. charles: thanks a lot. thanks a lot, john. i will say, the road to true freedom for all of us, first of all, there is no better country in the world to live and be born in, no matter what race you are. we know the road to prosperity. not looking back. we never want to forget that. we want to look forward that is the american way. deneen, john. thank you very much. folks we'll be right back. you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.
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charles: a rocky ride for themae has been a silent carnage going on with individuals for months. take a look at these numbers, the average member applying from the high point, 17% down from the high point, the nasdaq 38%, the russell 34%, that is a market crash, the question is what happens next steve strategist, brian belski, we talked about corrections and that's hitting the home market, these declines are mind-boggling are we in a bear market right now? >> i don't think so i put my bowl away so i'm not bear hunting at all right now. it is encouraging to see those numbers because here's why it's
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encouraging there has been so much talk of frost in the market and it really exacerbates the trend and vision of the stock market as a market of stocks we've kind of forgotten that and it's good that we've seen this type of pullback especially in the smaller cap stocks on fire if you remember the first part of the year some of the more accentuated growth stocks in the nasdaq, i don't think were in a bear market, we are not in a bear market and second their bull market is very much alive but i do think it's impressive to hear those statistics and not be in a bear market. charles: i agree 1000%, here is the thing we are in a bull market that you called among very few people when you said this is what happened is it possible to continue like the s&p to be higher as the big five names move down, how important
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is it unfortunately for them to participate. >> i think it is possible given where we seen under invested like financial, serial and consumer discretionary names. the market did very well the beginning of the year with respect to the cyclicals and some of the names that run against tech and we were still hitting new highs, i think what's happening these events with respect to inflation fears, i think there could be combated with very strong earnings, stronger-than-expected for the third quarter and that's to buoy the market higher. charles: that was my next question, i have 20 seconds is that when we can get back, is that when you get back to smoother sailing in the next round. >> absolutely i think there is too much focus on inflation and as we hear more companies doing in their forecast coming into
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2022. i think we see higher highs and brand-new stock market highs by year end. charles: i forgot to bring my pom-poms. next time pom-poms and a tambourine. you are the man i agree with everything that you are saying, we have strong fundamentals, i will talk to you again real soon meanwhile amazing reversal cheryl casone and for liz claman, the market needs to have questions answered. >> there is several questions that need to be answered including the debt ceiling on the senate floor which we are going to have and that is the breaking news. this could be why the markets are looking a little bit better, they certainly were this morning when we were down 300 plus points on the dow you looking at a live picture at the senate floor in any moment it is scheduled to hold a procedural vote to suspend the debt ceiling it is expected to fail as a
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