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tv   Making Money With Charles Payne  FOX Business  November 19, 2021 2:00pm-3:00pm EST

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neil: the dow done 251-point were not seen inflationary there but the worries are enough to rattle the dow 30. let's go to charles payne. >> that in the covid cases. have a great weekend. good afternoon i am charles payne this is making money. another day of conflicting signals as the market coming off of a remarkable session with the bloodbath on nasdaq stocks even as they soared to new record highs moreover the s&p had a 3 o advances. it's a valuable lesson with the media since the market is up most of the names could be getting trounced that's why i'm
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a fan of owning individual stock of a portfolio that you control for the top leader economist wants the fed to keep pumping to boost jobs. that is the exact opposite of how this thing works. in america remains in opioid crisis but why does the richest nation on earth that has four times as many deaths as any country in europe. we will take a look at the forgotten man and woman. all of that and so much more on making money ♪ ♪. charles: another extraordinary week for the market most of the fireworks and damage behind-the-scenes user real big story the robust retail sales that the well is running dry consumers have a lot of cash there is no doubt but the question for how much longer. according to the bank of america $1.1 trillion in government emergency assistant is unspent.
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that's how we set a record for halloween and major records for the remaining holidays. but we're blowing money fast on the side. it's a pervasive paradox. to deal with inflation consumers have to spend more money to get ahead of higher prices. according to jp mortgage intensifying and broadening and for them to get through it u.s. households will have to even to the savings to offset rising prices. it goes without saying this dilemma will slam lower income households almost. morgan stanley used the obvious announcement. it will also lead to an improvement in the job market. there are rationale that lower income consumers will become reliant on the jobs market. that means less government transfer and come in last tipping into savings. for then they say that's good news, folks will pile back into the labor pool that will keep low-income balancing. maybe that money will remain.
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overall inflation will be with us for a very long time. again that should not be a surprise. for months the consumer expectation has been rocketing higher to where they become self fulfilling. this is why the fed worries about inflation expectation. you hear them talking about that with that in mind the fed should be terrified because the vast consumer expectation saw one year expectation at 5.7%, three year 4.2%. the inflation issue is going to get worse as the administration ramps through the latest spending bill. this will add to the federal debt. we got a perfect cautionary tale of how much of a slippery slope that will be for us when it comes courtesy of japan. the land of the rising sun announced a 490 billion stimulus plan they want to spark the economy but that the tenth of the economy. japan was becoming the number one economy in the world in
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1995. gdp was 5.4 trillion. ours was 7.6 trillion. this year's japan will be 5.3 trillion. it's gone down worth $24 trillion. 0 growth in 26 years held back by debt 250% of gdp and that comes along with a defeatist mindset. this is big government replaces individual hustle mostly men have lost the joy that the parents had and most offering playing video games all day long and all day and they're interested in opposite. that's one reason the population isn't floating. this administration focused on money printing a massive debt. on wednesday the chief economist at the labor department fired a shot at the federal reserve saying do not pump the brakes. the rationale this is it it's more important to bring people back into the labor market then to slow inflation.
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ironically if we would give away trillions of dollars, people would take one of the 11 million job openings and inflation would normalize. when folks earn the money there leslie liker to blow it. as for the market investors want comfort, safety and speed. essentially they want my pickup truck you remember iran, the biggest and fastest on the road and the only thing that you have to worry about when you drive it it might need a tesla at a red light. investors rush into these mega- cap names while banning almost everything else. it is only a tiny sliver of names moving higher on the nasdaq right now. even the were all-time highs. yesterday we saw the most low since march 23, 2020. the bottom of the bear market. you combine that with the new york stock exchange 570 stocks at new lows read the value trait
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is a train wreck but it's been sold if you believe in and bought into the message, buy and hold onto it and it will be long term, don't worry about it. but there is something deeper the stock and bond market will all the experts keep saying another. here is my advice to your own homework because is more prevalent among the experts than anyone else. i want to bring in key strategist. brian you are the man that's what i'm starting to show. i heard you lifted your target on the s&p 500 to 5300. >> i did. thank you so much for having us. wisdom comes from humility and listening and i got a great group that's worked for me for years but humility we have to go to the bumps and bruises in life and i think that makes us better investors in your spot on in terms of all the egos is not going to help you make money for
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clients. we just published a 2022 for cad and 5300 with the rev 4800 by year end which i think is a great possibility. it is our 24th s&p 500 forecast that we've been blessed enough to publish in the tentative row in terms of candida. but i believe the stock markets would be higher next year driven by your preamble. investors are going to pay for consistency of u.s. stocks whether it's gross at a reasonable price with some of the best companies offer that and i think that's what the u.s. stock market will go up, not just because of cheap money or momentum but we have the best companies. charles: that is a great point. having said that how worried are you about market prices. they seen a tremendous amount of carnage.
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the most 52 week low since a covid-19 meltdown. >> i will tell you. that were stronger this year end 2021 with respect to doing is similar in terms of performance. over the year with 90% of the stocks in the s&p 500 has had corrections more than 10%. looking at the index level is the wrong thing to be doing. you should be building portfolios from the bottom up and be more active. i do think when growth is scarce and outperforms that's why the larger companies have actually done well in the higher multiple areas have gotten hit. i don't think that hit is justified. again you want to be fundamentally biased stock picker and that bodes well for most in the u.s. speed will not be asking about covid-19. it is spreading really quickly and there bracing for major riots over the weekend because of the mandates. even in minnesota were seen a
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big bump. reopening names getting hit some of the stay-at-home names are up. the last time when we started hearing reports about the delta i thought it would not be a big deal but of course it was a big deal and a lot of the reopening names got hammered pretty good. do we stay the course of our portfolio is there a moment we might want to change because of the next. >> going back when growth is scarce and it outperforms. i think we will have a tug-of-war as people try to understand whether or not to get back on the trade as they may or may not go up with the growth trade will be helped by stay-at-home. he wanted to do high quality and maintain the big positions in the google machine and apple machine and netflix and microsoft. you have to continue to do very well and you want to balance that with very large financials that have the scalable theme. charles: speaking of financials
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the getting hit for the good. tips are pointing to higher inflation but it keeps drifting and drifting. how do you deal with that in your portfolio you like the big financials but the proposition the reason people say that you should own them is because deals will go up and that is not happening. >> i don't think that's a reason why from a fundamental perspective the money center banks and asset managers and the brokers appeal to the cmo scale and i think the regional banks will have a tougher time because of net interest margin being tighter but the big banks will do just fine. by the way i think 2022 is going to be the year of special dividends, huge dividend increases in buyback not only in the big banks in the u.s. but here in canada. it's a major theme as they return capital to shareholders
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and that will work out well for those investors that need a lot of income. charles: we've seen a big bike entrance bike. congratulations you been spot on for more than a decade. have a great weekend. more on this market and also what you own now and what you might want to own for next year. the fed chair watch goes on who the next chair is going to be. it's an overtime president biden expected to make his decision early next week. we'll give you a live report. it's getting pretty thick wait until you see the betting odds after the break. vocal
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every day in business brings something new. so get the flexibility of the new mobile service designed for your small business. introducing comcast business mobile. you get the most reliable network with nationwide 5g included. and you can get unlimited data for just $30 per line per month when you get four lines or mix and match data options. available now for comcast business internet customers with no line-activation fees or term contract required. see if you can save by switching today. comcast business. powering possibilities. charles: president biden expected to announce his pick early next week. progressives are warning about re-nominating jerome powell. for more on the latest let's go to edward lawrence live at the white house. >> at this point he might flip a coin. president joe biden is waiting until the last possible moment
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to announce who he wants is a federal reserve chairman. earlier this week he said it could be today. the white house press secretary saying they were looking at monday or tuesday of next week but definitely before thanksgiving. democratic source telling us it came down to two choices. current chairman jay powell and current federal reserve governor lael brainard. treasury secretary janet yellen work closely with chairman powell and has supported his work moderate. democrats as well as republicans are backing him. he has a track record of guiding the economy out of a crisis but has been hit with two district presidents resigning after being scrutinized for market trades during the pandemic. loyal brainard is being backed by progressives with elizabeth warren leading the charge. he is also the loan registered democrat sitting on the board of governors and a stronger hand on the financial market should she get the job. federal reserve chairman term is
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up on the last day of february so this has to be made so the senate can have time to do a confirmation process. back to you. charles: thank you very much. lots of drama in d.c. that will dictate what kind of nation america will be in the future. everybody watching the theater with president biden with the bill back across the finish line of the house. there are other things that are consequential. the university of maryland economist peter morici. let's start with this the chief economist at the labor department. she sent this any notion of removing accommodation. here is the quote, that's why i think we should not pump the brakes on the economy and it takes much, much longer and it's after the great recession to bring millions of people back into the labor market than it is with this inflation.
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period is how we get this inflation in the first place. >> weird have a great deal of inflation and we have 2 - $3 trillion on people's checking accounts with excess liquidity and pandemic relief. if we stop printing money tomorrow morning at 9:00 o'clock, saturday good day for. there will be excess of demand and spending that will take us well into the third quarter. at that time even the most pessimistic labor economist realized we would be at full employment. i think rev full employment now. a lot of people have left it didn't take high wages to load them back. when we think about pulling employment at macro economic policy is not an absolute. it's where you push-up wages and prices rapidly in order to get more workers. look outside, we would be there. charles: 11 million job openings. that is part of her message is
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nonsensical. there are jobs, people just need to show weapons a lot application. no sense to just walk in and get the gig. a lot of these folks are saying we will hire anyone and will train them and do whatever it takes. the desperate i read one of these reports. people don't want to work in businesses are desperate. that's talk about the fed pick i think it's clear if lena brainard got the momentum over climate change. are we ready for a fed that punishes businesses and borrowers for not being green enough? >> that is silly. the central banks generally are not suited for industrial policy. that's what were talking about picking winners and losers. it is a way that the progressives want to short-circuit the legislative process. if we get cannot get a bill through congress to penalize people and fuel companies that will make a regulation. we can't do that because they
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take us to court. how do we get the fed chairman to rig bank lending to we achieve our objective. a lot of that is going on right now. right now in order to get the rate of return on a fossil fuel investment is 20%. on renewables, it is 5% simply because the lending is so biased that way as lenders are taking signals from policymakers. it's bad economics about industrial policy and it should concede. but all manner is coming out of the administration and that's why we have this nonsense. charles: how do you think this bill back bill looks after cinnamon manchin and sinema get a chance to look at it, make comments. obviously it won't be the same but i'm thinking to get into something to say we would like to pass it. what would your version look like? >> if they are true to their word the new entitlement
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programs go either the pre-k or the childcare or the state family leave go. manchin has said over and over again i don't want to have no entitlement programs that we don't have the money to pay for. we don't have the money to pay for the ones we have right now. i think one of those would go but i don't know that they will be true to their word at least with manchin he's worried about the coalition will get all the concessions that he possibly can there and he understands. at the end of the day he is a democrat and he understands the future the biden presidency in his hand it's a game of chicken, in the end i don't think of the.. charles: a lot of democratic lawmakers fell on their political swords with the obamacare and manchin has to think if he goes along with this that is his career there is no way he'll be reelected in that
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state. i've got about you go, you looking fantastic. i'm going to the gym this weekend, i'll see you later. >> take care. charles: growth names are back out, investors rotating out of the smaller names. rolling into the big ones. the question is if you climb on board and also were getting mixed messages from the bond market but none of these messages are backing up wall street. jim polson joins us next. he will have that sorted out. ♪ [energetic music throughout] what's strong with me? i'm ready for anything. find out what's strong with you with fitbit charge 5 and daily readiness.
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i promise - as an independent advisor - to put the financial well-being of you and your family first. i promise to serve, not sell. i promise our relationship will be one of partnership and trust. i am a fiduciary, not just some of the time, but all of the time. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com charles: s&p 500 hit new record highs, 66 times this year end
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has the 95 record of 77 but let's face it it's been a material market. although the one constant and finds ways to move higher. joining the market watcher shayna and victoria fernandez. six sectors hired today, the growth leading the way. those sectors and keyvalue names energy, financials are going to slam. victoria your thought messaging that were getting and what we might respect between the rest of the year. >> i think that you look at retail earnings that were very positive component we saw big numbers come out telling us the consumer is strong and in today obviously with covid cases rising and restrictions we sell yields come back down there has been a volatility. i think to the end of the year we will continue to see volatility. we do have some good positive factors working for seasonality
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in our favor in the last part of the quarter in industrial production and manufacturing consumer demand that is positive for the market but that doesn't mean we don't have obstacles obviously what's going on in washington, quite a few deadlines by the middle of december and something we need to watch yet the fed, the ecv all having meetings in the middle of the month with the boe probably raising rates there's a lot of ways that volatility in equity to see particularly where you are. >> i agree with everything. exactly the one thing that i would mention what the market
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needs to do with the denominational renomination of jerome powell as chair and if he is not renominated, how that might impact the market. the fact that the fed chair rule is becoming more politicized. if you look at the negatives against powell it's things coming from the white house out of rhode island and everything needs to be involved in climate change discussion. these are concerning because the one thing you don't want is an overly political fed chair. that is when powell was seen. charles: some was arguing we were already there, don't renominate powell. i think the markets would appreciate that more so than the whole new mandate. financials are getting hammered. let's talk about the exciting things, ev stocks they only represent 2% of the global auto market but more than 40% of the
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market cap. is this too far too fast and i hate to borrow this term from the last bubble, is there paradigm shift? >> ev is definitely the technology of the future. i don't think anyone debates that were moving there. what is debatable, whether or not really in who has yet to manufacture a single vehicle should be worth more than the traditional automakers who are in your factoring vehicles all the time. we are focused more on the input and there's a lot of things that have to happen in order for ev's from the norm not the least of which like i don't know for going to get there with the part of the bill that will build those out. for me it's definitely the future but i'm not buying the manufacturers. on focusing on the component. charles: i love that, i will say
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all the way with tesla than on making money there were under worth more than 40 gm and it's only gone straight up. whether is ev, the metaverse, software, semiconductors. investors want a piece of the action they want what sizzling i don't think it's like the tech bubble most of these to have revenue and earnings. dravidian is backed by amazon so they make money eventually but this message from this market when people tell you i want to buy rivian what you tell them. >> we are not buying rivian, that is not something we would suggest that they do at this point in time but there are other names in these areas that you are mentioning that we do own and have done homework in the fundamentals are there in the balance sheets are strong we tell people about doing their homework to change the companies and not just going on a pure momentum or something new in the market. if you look at afford their doing well in the east days we
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like that, you facebook which we own a little bit of in the tech names whether apple or microsoft or even nvidia those will be names that will continue to do well as all of these areas grow. charles: all make sure not to cross the e-mails and inadvertently shared talking points. both of you did fantastic. have a great week and we will talk again soon. charles: i love hearing from you as well whether to comment, we have tremendous experts that come on and i always have a thing or two tweet me, one viewer did that and wants to know if i have been watching yellow core trucking. i thought it was a great question i miss the big move. i follow the stock for 20 years and there was a lot of structural issues and i just took my eye off the ball. the last quarter they crushed earnings and beta by 1500%, the stock broke out and it's on fire
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meanwhile trucking 36%, that is huge for the industry. the rivals might be a safer bet but those who want extra risks i will not talk you out of that, at least from here with this momentum may be using 50% stoploss. i've a question atop market watcher wants to know why, jim polson will make his argument why bonds might actually be bad. how to build back better exploiting the welfare state and a monumental gift to college grads in a blue state. more making money right after this. ♪ ♪
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those who did did not find this outcome to be a surprise. even those who may have thought the vertex have gone the other way here is the president. [inaudible] >> i just heard a moment ago. >> to have a reaction. >> i did not watch the trial. >> do you stand by your past comments of white supremacy. >> i stand by what the jury has concluded. the jury system works and we have to abide by. [inaudible question] >> good they will release all the detail. i feel great, nothing is changed, were in great shape and am looking forward to celebrating my 58th birthday. [inaudible question]
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>> wind is not land on your desk. >> i don't know it'll take a while it'll probably be after thanksgiving. [inaudible question] >> i will sign it. [inaudible question] >> big your pardon? [inaudible question] charles: president biden answering a variety of questions the one about the bill back better the heads to the senate and probably will face some adjustments but you heard the president he will sign if it gets to his desk and there's no doubt about that. wall street grappling with whether or not they would like to see this happen, they like the money but there will be some serious issues and right now it is interesting because they're
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not seeing it reflected in the bond market which i find it tricky. earlier one of the most respected voices on the street post a question, why do we own bonds, many money managers have been asking the same thing and decided to dump bonds. according to j.p. morgan, 80% of the clients are likely to decrease the bond holdings in the next couple of days or weeks. joy dimino jim polson, you said tremors to the market. was that our historical question. your pulling one of those things out and everyone got nervous. >> i'll tell you what i've been wondering myself i still own some bonds and i sometimes wonder why am doing it. i look back to 1926 at bond return stock and data and when bond yields had been about the ten year above 3%, bonds have done what they've always done in
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the reason we hold them in balanced portfolios. when you add bonds to your stock portfolio you reduce your return a little bit but you really reduce your volatility quite a bit. the difference in returns as all uses yield is about 3% the difference between stocks and bonds is not dramatically wide it is about 10% versus evident half for bonds. but the problem is when you fall below 3% and were currently at 1.5% today which is an all-time record low in u.s. history except for last year. when you get below the 3% level, what happens, bonds no longer do what they used to do in terms of your portfolio. the difference below 3% yields which is happened about one third of the time since 1926. the stock market returns annualized at about 40% in the bond market returns are only
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about two and a half. the difference between what you're giving up to own a bond is dramatically higher and it reduces your risk a lot. but you get a lot more in return. charles: people who are trying to follow this. i think you can make it comparable at home with auto insurance. you pay that much to cover car. it is too much the so-called insurance. make the other data point. >> the other thing that really hit me i did not realize this until i looked at it. when you're above 3% ten year yield historically the real return we need to conflation out of the return it's about six and a half and bonds is about four and a half about a 2% difference. when you were below 3% yield the difference in real return are 13%. they do far better in the low
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yield environments where the real return for bonds is 0. on average. you are giving up a ton for the privilege of sleeping well at night. we ought to find other ways to do that. charles: that is back to the old folgers coffee can. if you get a get 0 all take some cash and put under the pillow. i have a minute to go but i want to get your take i know you like the small-cap names and i was checking out the russell 2000. he broke out at the beginning of the month and a lot of people believe it was on its way it gone sideways for six months an hour back to testing the resistance point that is a key support. if it does not hold i'm worried i'm worried what the heck is going on with the small-cap names. >> i think this is all about coping. if you go back a month ago, the delta variant rolled over nationally and the economy is picking up the same economic surprise index was minus 60 in
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mid-september. it is plus 30 today. i had a huge move upward. that was through small caps now that we see the delta variant picking up again and we might have a fourth wave of covid that could hit real growth which takes the juice out of small-cap if you rush back to the large-cap growth companies which is what we've seen not just today but the last couple of days as kovic concerns have been increasing again. i do worry a little bit about if kovic brings us down while inflation is still going up you will hear a lot more people talk about a pseudo- stagflation which can make it worse for her. charles: next time you decide to create an earthquake, shoot me an e-mail first. thank you a lot, have a great weekend. thank you so much, there are so many trends i want to discuss there is never really enough time that's why invite everyone to read my daily market
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commentary you will love it. wstreet.com check it out every single morning. bill back better to college grads, i can't wait to hear what heather has to say on this massive social spending bill that is fundamentally changing our country. ♪
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charles: the massive spending bill headed to the senate, it's really not about economics is about control. a giant government overseas of nation picking winners and losers icon only those they see inferior while empowering the elites that have all the brainpower like the smart money. this moves the welfare state deeper into the middle class. the question will folks except in sign-on with this bill. senior director others in moraga. this bill is to the blue state elites. movie scenes from spider-man, titanic. you get ev, childcare, salt, if you live in new york and new jersey this is for you and you make a lot of money. your thoughts? >> it is a big giveaway a wealthy please stay up there in
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new york and new jersey even bernie sanders saying raising the salt the doctrine of state and local tax deduction and property taxes from 10000 to $80000 is bad policy and bad politics. it's ironic that the squad is all on board giving wealthy donors 80% of the tax benefits making more than $200,000 per year if you're trying to make the rich pay their fair share that's an odd way of doing it. >> the child tax credit goes up to $300,000 you can make 280 grand in them give you money for all the kids that you have, give you money to buy a tesla and let you sign off onto $80000 on your mortgage deduction. this is heart breaking i'm glad you have it on a hundred thousand death overdose of drug deaths. what does it say about this country. >> when you look at the drug
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overdose that is a leading cause, fentanyl and nobody is talking about it. i think the reason that deaths have increased from drug overdose is the covid shut down. the covid lockdown if you look back in 2014, half as many deaths reported as they were today over 100,000 drug overdose and nearly one year, the government doesn't care they devoted summoning of the resources towards covid another reading past covid why is nobody paying attention to the opioid crisis. you know the number one factor to winning the war on drugs is closing the border and as you know the administration has halted the construction of the border wall. if you want to win a war on drug overdose you close the border. charles: they need to hire 86000 more irs agent to take that money and address the issue. great to see you we will talk to
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you again real soon. obviously it's been a wild week for the market were gonna go under the hood and take a look at what you need to know as we head into next week. there is always money to be made, we will be back after the break. ♪ everyone remembers the moment they heard, “you have cancer.” how their world stopped... and when they found a way to face it. for some, this is where their keytruda story begins. keytruda — a breakthrough immunotherapy that may treat certain cancers. one of those cancers is advanced melanoma,
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charles: so all week long the nasdaq is where the action has been but, of course, we've already said look under the hood. even there a massive bloodbath. money is rotating out of almost all of these names, and they keep finding themselves in the same, same names. some people think maybe it's time to go bottom fishing. let's find out from ken mahoney and michael lee. ken, i want to start with you. you know, listen, the 10-year yield is done again, energy stocks are down, financials are down. these are all, these are niches that became really wall street favorites since early this year when the 10-year spiked. everyone said you had to be in 'em, so maybe do you buy 'em on weakness here? >> i don't think so. i don't think bottom fishing, in fact, i actually like chasing stocks, going with the leaders. actually, we have a new ad this week, zim shipping, and it's a transitory problem, this
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company's going to clean it up. last quarter they did as much revenue as three years combined together. again, the last couple days it broke out, squatted, broke out, squatted. it looks better today and, again, i think a lot of people should look at this. we're in the second or third inning of this logistical nightmare, this is one of the companies that's going to clean up this mess. charles: supported a couple times, held -- from a technical point of view, that is a massive buy signal. mike, speak of bottom fishing, you could argue buying facebook on weakness, that's a form of bottom fishing, and i know that's one of the names you like, right? >> yeah. facebook and amazon, these big tech names. my favorite name continues to be nvidia, and it's not only me. you've been championing this name for a lock time. so, again, just another one where if people listened to you, they'd make an absolute ton of money. charles: thank you. >> look, i think there's very
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limited downside to the overall markets right now with the sheer amount of cash on the sidelines. so these big tech names, these big, stable names, i don't know that i'd call it a flight to safety, but you're kind of left with very few other places to go, and the reason why these companies are so big and their stocks are doing so well is because they're the ones growing, they're the ones coming up with new products and taking market share. that's where i'm looking right now. charles: another issue and one of the reasons energy's the biggest loser today, this covid situation. it interrupts global economies, and oil seems to be a proxy for that. i want to get your insight, how much of a risk do you think covid is? i kind of ignored delta, you saw it coming. we had a chance to make adjustments in our portfolio. i really did not, and a lot of people are wondering how old they this time. do you buy zoom and sell caesar's, for instance?
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>> that is the number one concern. austria going into full lockdown mold, other countries around europe, around austria that are talking about that. i couldn't even imagine doing that again. if you saw what happened in march of 2020, the vix started going crazy to the upside and it was kind of a precursor to what happened next. i'm keeping my eye on that. people are rush to some type of approximate -- charles: what's the number on the vix that, you know, what number should our audience -- >> yeah. we have a 17-18 handle right now. the downward trend around 22, so it gets around 22, 23, take some chips off the table. charles: let me ask you, mikes about bitcoin. it's come down a lot. there's some stuff in this new bill that doesn't help. but i think anyone who's been in it for a long time should be accustomed to these types of
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swings. 20% down is just another day, but is there something special we should know right now, any concerns for you? >> look, if you're a day-to-day crypto trader, you've got to love this volatility. i am not. finish you need to believe that the fiat currency is losing, the people are losing confidence in fiat current city, and bitcoin is the the first mover, best play against that. so my advice to people is just to acquire pieces over time. you want to buy on weakness, you want a dollar cost average in. if you look at a chart of bitcoin in 2017 and in 2021, they're eerily similar. so, you know, with that you'd expect a massive upside move into bitcoin. i mean, the history of the asset is you get a 503% retracement and then -- 50% retracement and then a triple from the previous all-time high. charles: right. >> if you're a bitcoin believer,
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i'd always be adding on weakness. charles: i'm licking my chops because i'd like to buy it on the dip. i've missed a lot of 'em, to your point. by the way, both of these guys love nvidia, i love nvidia. that kind of makes me nervous, but i couldn't sell it. [laughter] have a great thanksgiving. liz claman, again, another choppy market. the nasdaq full any in control though. liz: how about that? you rightly pointed out some of these names have been selling off, others not so much. charles, happy friday. the s&p and nasdaq, any gain will mean a record close for both as increasing coronavirus cases boost some tech names but slam energy and financials. the dow is really struggling, down 263 points. the $1.8 trillion social spending bill passed this morning by the

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