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tv   Making Money With Charles Payne  FOX Business  November 8, 2021 2:00pm-3:00pm EST

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>> so many worries, but right now so many buyers eschewing those worries. s&p 500, nasdaq, racing along. to charles payne. >> thank you so much, my friend. hope you had a great weekend, neil. neil: thank you. charles: this is "making money." the juggernaut rally is continuing. composition changed a little bit. we got changes from the government action and inaction. market seeing a big loss on the other side for folks trying to balance their household budgets. it's a strange dichotomy. meanwhile stocks associated with the fourth industrial revolution cannot be stopped. i'm talking about the latest
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winner in the metaverse, crypto, software stocks, making everyone sell, i don't know, everyone wants to be sort of elon musk. we got you covered. speaking of the world's richest man, he went to twitter for the tax advice. the stock is under pressure. are you buying the dip? a firm on wall street says you should. my brand new shuffleboard, the plight and determination of small business in america today. all that and so much more on "making money". ♪. charles: so, after major humiliation last tuesday the biden administration decided it was time to rescue that infrastructure package from progressives. of course they were too busy licking their own wounds for fighting back. only a fraction of it though actually goes to infrastructure, steel and concrete, the street likes the news.
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more money gushing into the economy. the big question will this make it easier to ram through the so-called ocean infrastructure plan with the higher taxes associated with it? the administration hoping this is seen as a win because while this morning president biden's latest job approval numbers dropped to 38%. joining me the chief economist at first trust advisors brian wesbury. brian, everything i'm reading points to runaway inflation the main reason for the abysmal biden approval numbers. would adding another $1.85 trillion help? >> no, i won't, charles. inflation, is political death. a lot of us that are around today, i happened to be old enough to remember the 1970s where we politically, if you think about it, nixon got crushed. carter was a one-term president. all kinds of mayors and governors across the country lost after one term in the late
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1970s. inflation is political death and i think we see that in the polls today. and the reason we're having it is really twofold. number one, the government has increased the size of itself relative to the economy in a huge way and that is a burden that the economy has to carry. then the second thing is, is that the federal reserve has printed money to pay for that and with all of that printing of money coming into the system at the same time we're holding down economic growth guess what happens? inflation. so politicians are in trouble and i think we're going to see more of that in the months, quarters, and years ahead. charles: what is so interesting about that, brian, they stay in power often promoting how people feel than actual data right. i tell somebody about the data but it felt better when obama was in office. it is starting to backfire. according to gallup, 68% of
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respondents said economic conditions are betting worse even though how great the household balance sheets are. how does this impact the federal government and their policies? seems like that will hamstring themselves as well? >> absolutely, charles. you get into inflationary cycle is what happened in the 1970s. we're seeing that today. the government pros, bigger burden on the economy, that increases inflation. burden on economy. you have job market problems without as much growth as you expect so the fed can't get tight. so this big cycle where we end up with slower growth, easier fed, more inflation, slower growth. it just keeps going. yeah, right now the fed is going to be easy for a long time. charles: let me ask you about that i want to stay on the fed. i have a minute to go. this morning fed person james
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bullard he was on "mornings with maria," he had a number of things he talked about. he made a lot of headlines, but one that stood out to me was this. take a listen. >> i'm not really looking for a lot of improvement on labor force participation going forward. charles: so to me that means no rate hikes. i think that is one of the things the market responded to this morning. how many do you model next year? how many rate hikes do you see? i'm not an economist but i say right now zero. >> charles, we're one over you. we think after the election in december we might get one. however the odds of that are falling. so we just heard from bullard. randy quarles, who was more of a hawkish governor retired today, resigned. and then we lost kaplan and rosengren. we look at that, we call the dot plot where everybody thinks where rates are going to be we're starting to lose all the members of the fed who were willing to raise rates and
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personnel is policy. so when you look at the fed it is made up of many more doves now. charles: right. >> as a result i think you may be right, zero at most one rate hike next year. the street is looking for two to three. i think the street's wrong about that. charles: so do i. brian wesbury, always appreciate it. talk to you again soon. bring in my friend gary kaltbaum. gary, bring up that. powell was masterful yesterday, shifted the focus from run away inflation and promote ad new metric for full employment. you would never thought rates go up and i still think you feel that way. >> correctmundo, my friend. let me be own record by stating i believe by the second quarter any tapering will be rolled back when the economy hits a wall. when i was wrung i used to go to the horse track and dog track. what you do you bet on half performance and whether it's a muddy track and who is the
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jockey. this man's past performance is nothing but easy money and printing unimaginable amounts of money. he is making up any excuse to do it. we're now at 4.6% unemployment. the economy is kicking in gear and he is still going at 120 billion a month with a promise to drop it a little bit in the next month. whoop-dee-do. you ask about inflation. it is called five trillion of added debt over last year in change. five trillion on the balance sheet. look no further than those 2:00 things to tell you why we're in the situation we're in. charles: this track there is no muddy tracks on this one. everything has got steroids. let's talk about this market, gary, i think this is a gary kaltbaum market. you're a momentum guy. the market seems to be on autopilot. advance-decline line has gone parabolic. coming into today only 31% of names are at a 10-day high. how much more upside do you
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think we have here? >> i think ultimately we to to 5200, 5500 on the s&p into the second quarter of next year. momentum is momentum, strength is strength and the easy money to provide it is still in gear. near term we're overbought. we're stretch and extended. the semiconductors have gone vertical the last five days so maybe we pull back but that indicates how strong the market is right now. i just think fireworks into next year and what you want to do is on the best relative strength, strongest earnings growth companies. people are paying up for them right now. charles: speaking of going parabolic or vertical everyone having to get involved, mike wilson of morgan stanley over three or four weeks, he was not just a bear, on every network pounding the table we're going down 20%. apparently now he is correcting that call at least for now. i got to be honest with you i liked it when he was bearish.
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i don't want too many pros or mavens getting too bullish. what are your thoughts about mike wilson saying i was wrong and this thing will keep boeing? >> well i never want to take down anybody in my business or being wrong or right. i will just state for the record that the more people that change from bearish to bullish, that is more ammo pour the market. i i still think there is plenty of that out there. that is actually good news. of course my other motto is, if you're going to be wrong, be wrong very fast and be wrong very small. charles: right. >> that way you never get yourself into any trouble but again the more people that turn tide, remember price moves people, emotions and actions, i think you will see some money coming off the sidelines in the next couple months. charles: hey, real quick, i want to sneak this in because elon musk went to twitter, said, hey, should i sell some shares? has a pretty big tax bill
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coming. two things in my mind, 3.5 million people voted on it. the majority of them said yes. jeffries hiked their target from 950 to 1400. this has to be easy by on the dips. >> full disclosure, after last earnings, i really went after it. so far so good. i would not call this a pullback. i would call it minor pullback. leave no doubt, it would take 20 million of shares of selling to get all his 10% out. it trades 23 million shares a day. so it's a blip. i don't think it affects the stock for too much longer. this environment with the markets paying up, some things are going vertical, tesla being one of them, i think it doesn't stay down for too long. i think it goes higher. if you buy here, you're buying undisciplined. it was just $900 three weeks
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ago. you never know if they decide to take it down a little bit more. charles: just with tesla, it is so tough to think you will wait for the right bottom, right? you be in it. might as well be in it. gary, great stuff, appreciate it my friend as always. >> thanks, charles. charles: i would like to bring in from bianco research jim bianco. jim, it is also a great day for crypto. i thought coming into the week, over the weekend there would be pressure. in the infrastructure bill talking about going after reporting and taxes with respect to crypto. why is it up today? >> well i think the one proviso in the infrastructure bill, the rules don't take place until 2024. we have another year the regulators have to actually write the rules. given the enormous speed, breakneck speed of innovation in this space, by 2024, charles, i don't know if what they wrote passed on friday would apply let
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alone raise any money because things could be so radically different. crypto space is looking at that, that is problem for two plus years out into the future. we're worry about it another day. charles: is there another catalyst for the move today other than continuing momentum? >> no. i think that is it. there is continued momentum and more talk about adoption especially in the metaverse space. every day we get more stories of institutional investors, businesses, social media like reddit, talking about moving into the space. very few people are talking about leaving the space or pushing back on it and i think that has got everybody excited is that more adoption is coming. >> speaking of being excited at the end of the third quarter $3.4 trillion of cash sitting on household balance sheets, really the most ever. does this serve as some sort of a backdrop for this market rally? as long as there is that much cash out there, is there sort of a safety net that keeps this rally on autopilot? >> yeah, i think so.
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i mean to put that cash number in perspective. it is three times what it was a year earlier. it, a lot of people didn't spend money during the lockdowns in 2020. all the stimulus checks. they have a giant amount of money in their checking account. it is showing up i think in one of two-ways. most is held by the wealthy. they're putting it into the stock market. why you're seeing the stock market relentlessly rally. the rest are buying stuff. that is why we have a supply chain choke. the supply chain is running as fast as it can. people buy stuff, causing inflation, in this case both. charles: how humble you are, the rest of us, instead of saying yeah, i'm in the 1%. >> i'm buying stuff too, charles. charles: okay. i got a minute to go. something else you posted on twitter i want to ask you about because i thought it was brilliant. charter congressional approval. interesting enough only time it
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spikes when all the free money is going out. does this mean, i don't know how they pull it off, there could be another round of stimmies ahead of the midterm elections? >> the chart shows that congress can't buy love. only time the approval rating goes up, they send money to people. as soon as checks hit the bank accounts as we talked about, then their approval rating goes back down. now they know what they need to do to get the approval rating up, the question whether or not they will do it next year. that will be a very difficult pull in order to get that to happen next year considering how hard it is to get any of these build back better bills and everything else across the finish line right now. charles: i got to tell you with some of my relatives i feel like i'm a member of congress when it comes to that stuff. jim, thank you so much, my friend. great stuff as usual. >> thank you. charles: energy secretary granholm really getting the giggles when asked about president biden stopping rising
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charles: two top performing sectors in the s&p, energy and materials, owe some developments out of washington, d.c. i want to start with energy as crude oil continues to move higher and take a listen to energy secretary jennifer granholm last friday if she was asked if there is anything the administration could do to curb prices. >> what is the granholm plan to increase oil production in america? >> [laughter]. okay. that is hilarious. would that i had the magic wand on this. >> and you know, she spent more time on airwaves over the weekend, you know, suggesting 4-dollar gasoline wasn't, you know, could happen, they had nothing they can do about it. shugart, hedge fund telemetry. tracy, i think with that sort of copout in mind, there are certainly things they can do,
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would feel to me now the sky is the limit on crude oil for the next year or so. what is your thoughts? >> well, exactly. that interview was quite amazing, then blamed opec right afterwards which is ridiculous. all this administration really has done day one is hindered the industry. first they suspended permits on federal lands. they canceled keystone xl. talking about stoppin lines 5 in michigan. they can't seem to get out of their own way. today, it was announced that biden wants to see more oil supplies on the market, may make announcement later this week. so their options are they could do an spr release. charles: right. >> but -- charles: that would be temporary, right? that wouldn't have the same impact if they were to do the things you said. call off the war against american producers. stop saying you will go after american profiteers, again demonizing this industry and
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produce all the amazing oil beneath our feet that we spent years developing technology to get to. >> exactly. all the other options are pretty you know, short term, right? i mean you could reduce ethanol mandates. that risks a fight with the farmers. reduce regulatory burden. the progressives will hate that. or cut federal gasoline excise taxes which is really difficult to do when you just have $1.2 billion infrastructure plan you need to pay for. charles: it is really crazy because to say i'm worried about appeasing progressives when regular folks can't drive to their jobs and back without spending half the money they're earning. let's talk about the material sector for today. the infrastructure bill has gone through. the real cache in terms of steal, asphalt, concrete is not as much initially i thought or hoped for. these stocks are up. you said hold on to them. would you continue to be a holder or sell into strength? >> i actually would be a buyer
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on dips because i think we'll continue to see strength in energy and materials sector. although this infrastructure bill is giving an extra boost today, and doesn't really amount to all that much, longer term, we still need to make this green transition. ironically we're going to need a ton of fossil fuels and metals to do this. charles: great point. >> you know, just for example, if we look at evs, we'll need six times more minerals than other vehicles. 44% increase in production of lithium and nickel, 44 times production for graphite for batteries that doesn't include wind and solar. charles: that is the commodities supercycle you named. trace, thank you very much, always appreciate it. charles: president biden defending migrant compensation payments after calling the report garbage a few days ago.
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congressman michael waltz is warning this could be the biggest magnet to country we've ever seen. he is next.
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as i observe investors balance risk and reward, you can experience better hearing with no obligation. i see one element securing portfolios, time after time. gold. your strategic advantage. charles: certainly amazing times we're living in. the stock market at record highs. people have had more money than they had before. wages picking up on the prepandemic momentum. now there is a difference though this time versus like 2019, early 2020 when wages were moving faster and back then they were moving ahead of inflation but right now it is sort of like being in a single-engine power boat trying to outrun a tsunami. the wave coming at you 100 miles an hour and wages are going up but the wave is coming much faster. i want to talk to florida congressman michael waltz.
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michael, it is mind boggling. americans are flush to a certain degree. this is the american public saying they are afraid things will only get worse and it is so interesting to me how surprising to you the white house won't listen and they will still try to force through the social infrastructure package? >> well you know the president has the longstanding, well-known stubborn streak. on one hand he has been around 50 years. on the other hand he has 50 years of preconceived baked in notions many which are wrong. we saw it with afghanistan and we're seeing it with inflation. we have trillion dollars unspent before he came into office. put 2 trillion on top of it. the total spending in this bill will be five trillion. we haven't started talking about a normal budget which is 1 1/2 trillion. the printing presses are white
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hot. charles: one area they might be able to spend the money on settlements. of course a week ago president biden called scuttlebutt if you will of 450,000 per immigrant migrant separated at the border garbage. they're changing their toll, and claiming money is due because parents lot of their children. when i listen to president biden say that. i was shocked. we know families were separated but were any children were actually lost. >> i think what he said was garbage. that is the old joe biden coming out. he went back to the white house and the progressives got ahold of him and then corrected. this is just going to create such a magnet. it is going to pour fuel on the fire. they already know all they have to do is get a toe into this country. they get taken care of, housed and shipped into the interior with a notice to appear, you know, 3, 4, years from now. now they're going to get paid on top of it. 40% of the girls making that
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journey are getting sold into human trafficking or sexually assaulted but when i go around to town halls veterans who are not getting services they need, schools that are already overwhelmed with class sizes, and underfunded and now we're on track to pour two people a year on top of those services and overtax them. that is one of the reasons on top of the inflation people are so upset and his numbers are so low. charles: i want to switch gears. a book i like, called the mouse that roared. a tiny nation. they declared war against the united states. we never knew because they were so little. they sent a letter to the state department. it was misplaced somewhere. i'm bringing it up over the weekend we learned china is building missile targets shaped like our aircraft carriers and our destroys out in the desert. what is our relationship with china?
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are they the ducy of fenn wick and we don't know they're at war with us? >> they're in a cold war with us and america needs to wake up to it. president xi is talking about replacing the american dream with the chinese dream. he is talking about winning. part of him to take taiwan. why does that matter to most americans? china will control 50% of global gdp and 40% of trade. everything heading into south korea, japan, malaysia, australia, china will then call the shots. a key piece of that is to be able to defeat our aircraft carriers from coming within range of taiwan. they are launching these missiles left and right. they're building them on overdrive. the thing that has me so upset is american money, our tax dollars, are fueling their military build-up. wall street with larry fink and blackrock is telling their
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investors to triple down on china investment and they're turning around and taking that manufacturing base and cranking out ships, missiles, tanks and planes at a rate we never seen in modern history. charles: i got to tell you, congressman waltz, that is why it reminds me of the book because we better wake up and realize we're in a serious fight. president xi for whatever you think he is one serious, determined dude with a gameplan. >> well that's right. he smells weakness in the white house right now. it is a really dangerous window. charles: thanks a lot, sir, i want to bring in the bahnsen group, managing partner, author of, "there is no free lunch." david i always get in trouble with my conservative friends i bristle at the amount of trading we do with china. they say you're not a free marketer kind of guy. we send so much money over there in return for plastic stuff. they're using that money to try to you usurp who we are.
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if it was a fair competition it would be one thing but it isn't. i wish we had more at home. i wish we had more factories here at home. i wish we had more investment at home. that is where my friends, conservative orthodox friends we always butt heads. >> i'm a big fan of the law of comparative advantage as well. the big difference you bring up the cultural changes that have come about by being so dependent on china's rise. we vastly underestimated all the cultural implications, the ethical side, dependency from the standpoint. companies need to negotiate their own terms of engagement. they need to do so morally and have a plan how we maintain western -- charles: let's talk about your book. you have got speaking of some of the titans of conservative
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economic orthodoxy. you've gone, you got a lot of their quotes. just the name right, there is no free lunch, we'll have it on the screen. 250 economic truths. so what i love about it, you put in the quotes. some of them i knew. a lot of them i didn't know. then you add your own sort of thoughts about it. there were three that stood out. listen i could talk to you all day about it, but let me ask you about this one. it is not from the benevolence of the butcher, brewer or baker we expect our dinner but in regard to their own self-interest. we address your settles not to their humanity but to their self-love and never talk to them about our own necessities but of their advantages. adam smith. this is sort of the core, right of capitalism, also sort of the notion because you see the rise of socialism in this country at least the romanticizing of it during periods of prosperity more than i think than not prosperity. isn't that why this is an important quote in part? >> i think it is important because it captures how society
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really works and his point was that we're not thinking about it. by the way the butcher, the baker, cares about his customer. if he doesn't he will probably go out of business. he is meeting a human need but what i would like to call enlightened self-interest is self-interest, you and i go to work. we want to provide for our family. we're think about better education for our kids and so forth but we also think about delivering a better good or service to those getting it. we want to do that with morality and enlightened self-interest. charles: they gave me the wrap sound. i will squeeze one more. they will be upset with me. society that puts equality before freedom will get neither. milton friedman. >> milton friedman is the master. i quote a lot of him in the book. you need a free society in order to get the economic prosperity, then you get virtuous cycle. these things feed on each other. charles: we don't have time to go into details but i will share this with audience under capitalism man impresses man but under socialism it is the other
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way around. [laughter]. russ robert. congratulations on another best-seller. a small business owner puts in real terms the true cost of free money. details after the break. 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: so i hope you had a great weekend, i certainly did in part with childhood wish. my own shuffleboard actually came true. i got to tell you, it is beautiful. 14 feet long. look at this thing t was a beast to get it inside of house t was hard to get in and install it. i only bought it because installation was a part of the package. turns out i got a week ago,
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email said you should be there to help us bring it in. i got another email, probably no, you need two people at house. i was pretty upset. i actually considered canceling. i'm happy i did. the owner showed up with the other guy. owe explained all the orders coming through. his main business is pool tables like wildfire. the problem he can't fill them. he has three shifts running before the pandemic. now it is him. once the employment checks came through everyone bailed on him. i told my guys, i will never take you back. we ended up having a really great conversation. by the way he says he can't work with his hands and to it this kind of stuff forever. he begun to invest in stocks and crypto. a shot youth to rob. i am loving the game. slapfish restaurant and ceo andrew gruel. people like rob are the backbone of this country.
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how crazy is it that the same politicians whine about billionaires somehow keep making them richer making it harder for small business owners? they're making them poorer, stuff to stay in business? >> i know. this is almost like the jaded fable turned nightmare where it is too big to fail but too small to survive and i'm always blown away when i look at numbers coming from these massive corporations, pharmaceutical companies specifically, what candidates they go through when you see bernie and elizabeth warren name at top of the list there, you ask yourselves what people are really motivated by. charles: think about the infrastructure plan, right? the broadband stuff will make the, anybody in the metaverse richer. some of ev stuff will make elon musk richer. meantime some of these other rules and regulations are going to make it so tough. you know, you did so much for instance, last year to help small businesses restaurants stay in business. and, so the question now is, as we come out of this, what can we do? because a lot of people were really attracted to what you
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did. they contributed a lot of money. now a lot of people are saying what's next? how can we keep helping? >> of course. and look, the amount of money that people were contributing to our fund which we raised over half a million dollars, it was really 17, 18, 19-dollar denominations on average. this was not massive checks being handed over. what is really interesting about that. it goes to show you people on the ground level, on main street, they want to help out their brethren and help each other out. there are limited ways now it feels and seems in this economy to be able to help out a lot of small businesses because there are not that many left when you look at things, you walk across main street. look at silicon valley it is getting bigger and bigger. i talk about this kind of wet blanket on the dynamic of small business in america, as we get rid of the small businesses how we're getting small businesses and getting rid of competition to them which makes them more lackadaisical hypothetically. they don't have innovate more
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quickly and entrepreneur is gone. for workers it is tough. everybody watching, use your dollar wisely. vote with the dollars. what we saw with amc around gamestop. that was average people voting with their dollars that was much more than the ability to buy the stock and watch it go big which is helpful but there are opportunities for people to invest in small businesses through various on-line platforms and mechanisms a little bit of money. charles: a little bit of money. we'll talk of course a lot of amc and gamestop tomorrow with our town hall. i always appreciate you coming in. we can never forget about the small business owners. this guy rob, my appreciation for those folks went up a whole another notch. always enough for you, chef. thanks so much for everything that you do. >> thank you. thank you for having me. i appreciate it. charles: i do want to remind you we do have the town hall tomorrow, new investor revolution. retail traders jim colins and matt kohrs on deck. it is tomorrow, 2:00 p.m. be
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ready. you hear the market right now is in uncharted waters. when that happens, how do you adjust? i got to tell you this is what you need to know something about technical analysis. the good news i got one of the best in the business coming up. plus intriguing names you should consider as we head into the final hour of trading in another very solid session. ♪. ♪ ♪ ♪ ♪ ♪ ♪ deposit, plan and pay with easy tools from chase. simplicity feels good. chase.
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♪. neil: all right the market running into some profit-taking today. but that was the same thing on friday, right? we dipped and pulled back. charles: listen there is so much cash on the sidelines. i think that is one of the reasons. i want to bring in strategas partner chris varrone. russell 2000, starting to a see a surge in the new high list. why is that significant? >> charles that is exactly right. the russell 2000 has been stuck in a range the better part of the year. peaked in march. chopped around in a range much of the year. only week ago we're starting to see small caps break out, but
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importantly doing that with broad participation. we're seeing that with the percentage of russell 2000 stocks making two-month highs. when it expands to the 30, 40% level that is reflective how broad the move is. we done a lot of work back testing this. when you get the big expansions in, you tend to get above average forward returns particularly over the next, six, 12, 18 months. so the expansion in the data i think is very, very bullish for the small caps but for the market broadly. >> i want to pick your brain. you're one of the best out there. in your technical work what is more important, chart formations, head and shoulders, double-bottoms, volume or breakouts or some sort of combination of all of the above? >> you know we like to think about technicals as simply asking, does the market agree with what the consensus is telling us and i think there are, really meaningful opportunities in this business when those two things don't see eye-to-eye. one of those things right now,
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that we've been told that this is an economy going through a growth slowdown, with supply chain issues keep getting worse, but i see small caps breaking out, discretionary strengthening and semis making new highs across the board. none of that to me is consistent with a economy that is slowing. none of that is consistent with supply chains getting worse. back to our technical work, does the market agree with the consensus thinking out there? no, i don't think it does. charles: chris, wish we had more time. we had a little squeeze. i appreciate you dropping knowledge on the audience like that. thank you very much, my friend. >> great to be here, charles. thank you. charles: we'll be right back. ♪ ♪ ♪ ♪
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... reason, or fun. daring, or thoughtful. sensitive, or strong. progress isn't either or progress is everything.
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with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. charles: you know, there's another session and a lot of narratives but it's doing one thing making a statement about the fourth industrial revolution , advanced micro killing it right now considered the metaverse play of the day, of course these electric vehicle stocks are killing it you see the charging station stock, crypto through the roof, one exposure to all of this i want to bring in victoria fernandez and kim forest, to me it's interesting because amazon, facebook, apple sort of linger ing and i'm wondering, kim , could money be coming out of those kind of names and people have made money on them for the last couple of decades now, plowing some of it into those up-starts. >> i think so. i think the fact that we seem to be getting through covid, there's new cures coming out,
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lots of news about that, i think we understand we're in a new era now, and that maybe, virtual living is a thing of the past, or we're going to do it differently, and we're selling those names and then using them to buy new ideas. charles: trade desk one of the new ideas i think it's a stock of the day, and i've talked about this a lot over the last couple years on this show. software as a service one of the darlington spaces lifting all of the names victoria. is this an area you're looking at? >> yeah, so we like the area of software as a service. we don't own trade desk and they had great earnings today and great guidance which moved the stock higher but you look at how so much online business and doing business online with every day things has pulled forward because of covid, so we like that space, we like names like intuit, like mcafee, we think it's a good space you can be in in your portfolio, you can take a little bit off the table in some of those high-tech
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growth names you've had that you mentioned already and reinvest into this software as a service space. charles: reinvestment for the next 20 years so you mentioned we're mostly done with earnings season, the jobs report is out, and so i'll go to you, first, victoria and then with you, kim. what's the big mac rosenstein thing, the news or event that helps to move this market in next couple of weeks? >> well obviously, we've got a lot of news coming out of washington with regards to the social infrastructure package that they're debating and let's not forget charles we have the debt ceiling come in early december, but i think where you really need to focus is on the supply chain issues. we heard a few moments ago talking about how the technicals don't look like there's as large of a growth concern as people think and if we could fix supply chain issues that means a lot of the uncertainty around labor market, around covid, around inflation, a lot of that uncertainty comes off the table so i be watching supply chains
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to see if we're at peak levels of disruption there. charles: the good news is that shanghai-to-los angeles container numbers come down about 25% or so in the last couple weeks. kim what are you looking at from a macro level what's the thing that moves the needle? >> sure, we're still looking at economic indicators like ppi and cpi, and they're going to come out and that's going to tell us how hot inflation is especially ppi. we're really interested in that, because that tells us how much our companies have to pay more year-over-year or quarter-over-quarter, so it's something that we really keep an eye on. charles: when you keep an eye on it, this news is coming this week and i'm glad you brought it up, it's so important because wages are going up but so far cpi is going up even faster. what are you looking for right now, what do you perhaps anticipate? >> well i think things are going to start to roll over again because of supply chain. thank goodness it's not a drinking game, because we say it
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all day, right? supply chain, supply chain, supply chain, but it is a problem, and, you know, i think that we aren't getting our way through that, although, i do think that semiconductors are really going to take sometime probably into 2023 by now to fully get backup to speed to where the demand or the supply meets the demand, but on many other things, i think we can see the supply chain issues ameliorating and then the inflation calming down as well. charles: it does look like wall street, the stock market, i want to say wall street but the stock market began looking past supply chain a couple weeks ago. victoria, what do you like now, what's at the top of your buy list? >> so we really like the consumer. we're heading into the holiday season, we have good strong seasonal tailwinds at our back here, so we're looking at names that are consumer-facing looking at names like cbs, a tjx,
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lululemon, i think you've got some good upside potential with these consumer-facing names when you've got people going back to work, wages moving higher, and so i think there's some good names there you can add to your portfolio. charles: you gave us a lot to think about, kim, victoria, thank you both very much so we popped out the gate and pulled back the same exempt as friday and we're rallying higher as i hand it over to liz claman. liz: i'm calling this infrastructure exuberance, charles in a way it's at the heart of what's shoving all four major indices to record, while markets are well off the highs, the dow, s&p, nasdaq, and russel are dancing in the green, after congress passed a trillion dollar bipartisan infrastructure bill on friday, any gains for all three of these, or four, rather, all four, will be new records. the transports coming along for the ride here up 63 points. the crypto-verse also popping

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