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Good morning, Todd.
Let's go-- let's use CBS as an example of what's happening to the market here.
We have now a situation where despite all of the-- all of the negative news that's coming out from the Feds, all of the suggestions of the inflation heard in the economy, we still have some good numbers from companies coming in, in this earning season.
-You know, we've had some good earnings and we've had a lot of misses.
This happens to be a good-- a good number.
Now the bigger companies have been able to receive more because they can benefit more from the Fed package and from the cheap money.
But I think that the accountability here, we've already rallied into this number.
So I think what we're trading here, it looks like about 53, 17 here after the close.
I think this is probably critical as an upper level here, although the stock does look really good on the chart and it is making all-time highs again so it looks good, but there are benefit of cheap money and the-- and that's part of the problem with what's going on in the whole system right now, and where the Fed is really backed themself into a corner I think.
-All right, by the way, official announcement, this is Todd Horwitz, Adam Mesh Trading Group Chief strategist.
I had to introduce you formally there Todd.
Todd, you said what exactly what was gonna happen.
The Fed would come out with an announcement that will boost the market, but then they-- the market would come back to Earth and that's exactly what seems to have happened.
I'm wondering whether the Fed is backed itself into a corner.
Other people have talked about this as well, whether the Fed is now allowing the market or its fear of market reaction to drive its decisions.
Do you believe that's happening? -I believe the Fed is almost day-trading the market.
That's really what I look at it.
They're on every little move.
You know, if you go back a couple of weeks, we had a 6 percent drop and here comes the Fed out to protect the market.
Really-- we're up 130 percent since the bottom.
Let's let the market's free trade-- you know, the bonds are now trading on their own.
They are-- the interest rates are going higher no matter what the Fed wants to do.
You know, you take the tenure from 138 up to 280, now it's just back to about 258.
Where the interest rates-- the interest rate market is telling you that interest rates are gonna go higher here-- -Oh.
-and I think the Fed doesn't have it out here.
-We're gonna be talking to Fed official about that coming up in just a moment.
But we're***CUT DICTATION***
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