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Let's get right to today's -- a positive day in the markets we have mark Newton great wolf chief technical analyst who is warning of more downside volatility.
-- -- or what she's in the pits of the CME.
Todd let's start with the UN.
I put it all in the hands right now but that's what happened today is that fed -- Jeff black -- he's usually -- you're saying that we shouldn't buy more than fed shouldn't be by more watchable today.
He said the market got ahead of the -- and in fact they are not good to be doing any kind of selling off.
In the near term that was a -- for the markets was about.
It sure it was you know what we're looking at is look at the market had about a 9% sell -- came down to 1516 the -- So we got a natural -- Kit Bond just they -- little follow through.
But the Biden is very light here and that's -- there's not a lot of excitement that his pro -- -- market above 150.
It's a very not exciting 150 and I certainly -- -- -- -- -- I think there's a lot more downside to come here.
No matter what the Fed the -- what the GDP number this morning that was worse than expected which gave the traders hope that big -- the time we get more involved.
And then you have the fight here auction for that part of the treasury yield curve in the end it was -- leaving something to be desired I believe did that -- the traders in any way shape or form.
I think you -- you know you saw on the track -- you -- a little bit of a rally.
No but we've we've been able to hold up here and I just think that you know you're looking at a market that.
Really wants the kind of correct here we got a natural -- all across so they'll look for rights to continue to rise -- Well on the other hand today they came down market that was very uninteresting -- that race did come down probably because that taught from the Federal Reserve right.
Always had a big move in rates really over the last month and half human -- of golf one point six -- -- their two point 7% so a lot of people think that that's probably unsustainable given that you know the economic data continues to come in somewhat weak and we saw the lower GDP print today.
So it's likely that the Fed is gonna continue with its QB -- a lot of these few -- -- let -- let me just ask you whether it was the Fed or supplied an enemy act when it was up to two point six which was early on today late yesterday.
Did that bring a lot of buyers and is that why the price came down.
-- the yield came down -- -- But technically speaking we've moved a bit too far too fast for -- levels are really unsustainable and if you look at longer term trends of the ten year treasury yield listen now we got up to levels that made sense it would start to pull -- -- it didn't take much before buyers start to step and so I think that -- should continue to fall in the weeks and months ahead.
Mark you are awfully good at reading the charts -- or the certainly the ball street tea leaves what do you -- That traders and investors should look forward to -- I'd love to say tomorrow and Friday but also -- forwarded next week when we know going into the holiday weekend.
It will be very thin volume.
Was Todd mentioned -- we've seen couple day -- been pretty sharp at the overall trend continues to be negative from late may and a little bit of a concern -- -- seen a really big.
Pull back and momentum.
Yes usually we continue to be in a week time.
From a cycle perspective this is one of the strongest rise and so nine we've seen.
It's been up over -- 140% so there are some reasons to suggest that the next three to five months.
Shouldn't be as good as -- expect the momentum is gonna continue to turn lower.
As we -- the months from August really through October so.
I think that the old saying sell in May go away still applies those people that are longer term investors now -- even after the markets -- for gold we saw gold prices dipping I -- -- down about 51 dollars now for the day including the after our prices.
Is it is it time maybe to start to get in the goal buying the -- I think we're very close that time -- when you can start to have to buy.
This correction in gold is you know the last eight out of ten years gold is actually rallied for the month of July and August into -- -- approaching actually are very seasonally -- time to buy gold and actually to buy gold mining stocks which are getting down not have this really this parabolic decline over the last.
Few months to levels I think there's someone attractive.
We just want to quickly mention that there is some breaking news right now that we want to get to Wal-Mart has ended its relationship with celebrities southern -- Paula -- OK so she was just in the media for having made some racial comments and racial slurs it appears Wal-Mart says we're done we're not putting in any more orders on any Paula -- Our products they have.
As I said ended their relationship the Bentonville Arkansas company.
Started caring Paula Deen but in 2011 -- so clearly.
They said forget it we just don't want to be associated with this person so.
That the story goes on where Paula Deen who was worth many millions of dollars is going to have to pay millions of dollars to figure out how to get herself out.
She's still she still has several endorsements.
That -- where they say they are weighing their options and she's hoping that.
Perhaps she can make -- comeback in fact we're gonna talk to be talking about a little later.
In the week about whether she will be it will make -- comeback people have done that before.
-- you were talking about gold -- are the one thing and as you're talking about gold -- such a lot of these miners for gold.
Are actually losing money at this price target date they are bleeding and bleeding badly I can't believe that you would buy into something.
Odd that had a negative cash flow.
Well amazingly lucky enough I mean a lot times you stocks on the bottom when things are out there worse than -- goal is obviously been down.
Substantially down almost 30% since last October.
As Nicole mentioned earlier the gold is set make its largest quarterly loss really an all time in over a hundred years.
So it's getting down to levels where people are starting to actually show signs of fear.
And that's typically -- time when you wanna step in and take a look at gold particular is that approach is a seasonally -- time.
I just want to quickly ask you Todd -- we're looking at the transport say for example which are up a pretty significant -- to seventeen to 24%.
Over the past year.
And on that note we're we're still looking at oil at about 95 dollars a barrel the transports names such as FedEx and UPS and all the airlines in the railroads as well.
The heavily dependent sometimes on crude oil do you see any any of that changing as far as that the locus of their world looks.
We you know I would oil Orszag -- I think oil -- overvalued up here.
It can only help those companies have been strong to begin with you know the old golf -- -- transferred to the same because undoubtedly carries -- -- -- -- truthful.
But the transport themselves.
You know they look pretty solid where's our mission of some -- we are getting we are doing some business I mean the economy itself is getting -- -- We are moving some goods and the only -- they can benefit is because it looks to me that oil wants to come -- -- being held up here a little artificial fruit -- but looks like it wants to work its way lower so we can only benefit.
The transport index.
Mark and I have talked Horowitz we're gonna check in with you -- -- just a few minutes to seal the S&P futures closed mark thank you for your expertise and respect.
Don't you love how mark goes in where people are afraid -- the people that make the big money to be.
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