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Joe Heider, Rehmann Financial, and Sam Stovall, S&P Capital IQ chief equity strategist, on how Hurricane Sandy will impact the market and investor...
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What is happening in the market stocks -- Likely going to be close until Wednesday were -- in the bond market may be closed tomorrow as well we're waiting on confirmation that means your portfolio your -- at this point is frozen.
Let's bring in that Joseph -- from -- -- financial on the phone got -- -- all what this is while chief equity strategist at standard.
And of course as a Sam action do you wanna start with you here just for -- momentum and we haven't if we do indeed have the New York Stock Exchange for -- shut down for two straight days that's four days in total.
Women have this happen what with regards to whether since 1888.
What has changed between now -- and that we can feel safe about our money is -- Well I really don't think -- -- is gonna be going away.
If anything cynically you could stated we at least have had four days which we don't messed up our own portfolios just leave them -- And they will work or used so I would I would tend to stay that you know just make sure that you're out of harm's way because your portfolio of properly constructed.
Is going to be working for you.
You know Joseph with has so much back and forth between -- heads of the different exchanges.
The statement from set on now what's happening with the CME and the nymex I mean do you think implicit in any -- Hertz investor son -- investor faith.
In the markets and rally operate.
I don't think it should hurt their faith.
But when you talk about an event that hasn't happened for a 130 years.
Investors in the markets don't like surprises.
Were bitten unknown territory but.
I really think I agree with -- their money safe.
We look at Friday's close there really wasn't energy in the markets here in the U last.
Negative or positive sell unless something really happens in the next day -- two.
In Europe or in Asia I just -- I don't think it's real big.
Let me know what Sam I have to wonder -- -- volatility -- name we've had several.
Big US names of -- -- one of them energy they're all excuse me energy energy.
Delaying their numbers until later on in the -- -- we're probably gonna see more companies did the same I mean so doesn't that make.
If we don't back open for business Wednesday morning -- -- gonna be cut the kind of a wild ride -- Well it certainly doesn't mean that you're going to be concentrating.
Multiple of days worth of news.
Into the first day of trading.
And -- maybe we do end up having a bit of a volatile opening at that point in time but I think what the companies are trying to do is to make sure that.
The the press releases the announcement that they have reach as many people as possible.
To be in compliance with.
-- full disclosure.
So this.
Certainly -- -- it -- them the longer that the exchanges are closed the greater the uncertainty that investors it will have been but I think in the long run though think that they can -- -- for nothing.
What you know what Joseph there's a few sectors that are obviously gonna be in the cross hairs come Wednesday we party -- in European markets -- are not closed yet.
Financials insurance companies selling off because -- sandy in this country then you've also got.
-- airline sector insurance company's retail.
You know the shipping companies the refiners I mean these are huge question marks for Wednesday morning.
Well it.
I agree with seen once again that were were probably gonna see -- a bit of a volatile opening on one statement I think things will shake out pretty quickly.
And you know retailers.
In particular that you brought up.
Had a particularly great weekend last weekend from numbers I've seen and not just it's not just the home improvement batteries and food Staples.
But clothing and so forth as well so I think.
People anticipated this problem and actually -- -- so I think we just have to wait and see how this all shakes out.
Once the financial markets reopen presumably on -- -- And it looks to be a heck of helping that's for sure Joseph -- -- -- -- joining us.
Be -- -- think you very much summit appreciate it.
