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Were the Exchanges Ill-Prepared for Hurricane Sandy?

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  • Description

    Bianco Research President Jim Bianco on the outlook for the markets.

  • Duration 2:55
  • Date

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All right let's go back to Jim Bianco who had a very short and sweet constitute.

All -- the exchange is.

The ill prepared for hurricane saying the end the first thing you -- -- the everything -- said was yes why do you believe that.

Because -- did -- on a building on a certain corner whether it's in Chicago or in new York and if people cannot get to that building for whatever reason.

It seems like the financial system Israel prepared to have some kind of -- back up.

That it can operate in that vacuum of that building I suspect the same is true for the futures exchanges in Chicago as -- through.

You know GM -- Yeah if you look at how the dollars performing ahead of Friday's close and when when traders already knew that sandy was coming -- -- -- down about 3.3 percent in succession so looks like.

-- there is some pressure on the markets are we discussing a continuation.

Of normal trading from Friday do you think.

Yeah I think -- because the story in the Friday before whether became the dominant issue.

Was that the earnings numbers are not good at the earnings numbers are probably the worst we've seen since the recession ended in 2009.

If you look at the top line of company sales -- revenues they're terrible they're maybe 13 of the companies have beaten expectations.

That's one of the worst performances we've seen in fifteen years even worse than.

2008 -- the market was going down because of the disappointment in earnings the downgrading guidance.

Companies are telling us yet -- numbers are not good don't expect much more from us in the future and now we've seen a continuation of that once we got trading started again today.

So Jim really had two huge events within that lesson a week we have a jobs number -- Friday -- -- they have the presidential election next -- stay so really kind of a wait and see.

Mode for the markets right now if the jobs number is better than expected does that move the market.

Big could it it could also affect the second event as you pointed out with the presidential election.

I've held the view that what's been driving the market for the last several months has been no idea that the Fed is going to give us massive stimulus which they did in QE3.

And may be some more or not.

And if Romney wins the election.

The fear over the short term this is over the short term.

Is that this stimulus from the Fed ends because -- -- he's gonna -- he's gonna be replaced with a hawk if Obama gets reelected.

That fear is not there because even if Bernanke -- he's gonna get replaced with another -- so we -- started to look at the presidential election next Tuesday.

As somewhat of a referendum on whether Fed's gonna go next as -- to.

If you believe the Fed policies driving -- markets.

That's going to be very important as we follow -- -- -- it emphasized it's just over the next several months to a year.

What you get beyond that then you have to go to more traditional stuff like tax policy and -- spending plans by the candidates.

Very good Jim Bianco president of Bianco research I thought it was going to be the shortest interview in his -- thankfully we've got him back to thank you very much.

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