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Charles I'm sorry your backup I'm sorry for those technical difficulties I want to go back to something you said at the beginning or so are you suggesting into us right now because -- will market technician.
That we at this is one of the highest level of insider selling that we have seen in the stock market and what does that mean to people.
Well what companies are so happy sellers and the only and people are borrowing.
To buy stock.
That is always been.
-- something like a market top.
You know but he talked to a couple of the phony numbers that the bureaucrats at the BE -- On Friday they said that wages and salaries and July were up -- coach from June now.
Increase annualized in unemployment and payroll jobs being lost each month.
And wages are going down not going up.
But the DEA says wages in July were up a bit from -- how do you have higher.
And come across the country when people -- losing jobs at a two and a half 3% rate and there's no increases in salaries.
You know the savings rate is a myth.
There's no money going into savings what there there overstating -- if you're overstating and comes and -- understood -- spending.
Because you don't do a survey you do a survey instead of counting the actual sales.
From Visa Mastercard all the that is available the bureaucrats don't want to look at that they you'd rather do their fifties male male estimates.
And they're saying this is positive savings rate.
You know -- things that I had and the numbers aren't catching a joke.
I I just wanted to hear our main street we're not saving -- you guys on Wall Street or what have you was -- in the old Maxwell House Coffee can't.
That's what's happened right cabinet and I you know McEnroe well -- don't -- that's what we're doing down here.
Yet you know there's you know the only Michael's kids doing that -- I'm sorry Charles go ahead.
People forget that banks were originally started to for the return of your money not a return on your money.
You know this the prior guest said that the market's been flat for ten years and that's bullish while from 1966.
-- -- -- market first.
Hit a thousand to 83 when the market finally penetrated a thousand was seventeen years of flat market.
You don't want -- nine the market hit a peak that didn't go past -- 52.
In a twenty three years when he for years so a -- -- black market is not exactly a bullish sign unless there's some top line growth.
Hadn't -- what's gonna generate top line growth we have been there is no.
-- -- I -- logical breakthrough whatever.
Ryan backing and Ryan how you respond to that because even in the depression and we saw a snap back rally like the wall we've seen now in fact an even larger rally and then we went right back to our lows are -- not concerned about.
Well that's obviously concerned and again -- as we do look at the market based on -- and one -- you can talk about the fundamentals all you want you can you can throw stats out there one key thing we think is the action -- fix -- the ball till the index.
When you look at the -- it's been trending lower.
This whole climate of extremes lowered usually bullish for the market yet when you look what the options market is saying on the -- so when you look what -- -- -- huge bets the -- is gonna go higher.
You probably won't find a bigger -- that you were betting on the -- to go higher.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- And let's explain to people that say that this basically is said to -- in danger whether or not people think that she was about to dropping you would.
Make a bigger bet on the -- rising if he thought the markets we're gonna sell off so.
Is your present and shouldn't and then and that dominant that Ryan that too there's there's to -- -- out heir to the downside right now.
Or what about the people are sit on the sidelines -- -- participate in the run up.
Well we definitely think there's a lot of bets the market's -- -- -- when you look at the vick's has there been an external hard when you talk about money on the sidelines last week there's -- status of -- 3.5 trillion dollars -- still sitting at retail money markets that tells us the retailers not end.
But also -- that the every -- All -- only a billion and retail money funds this two and a half trillion in institutional.
And you have record low cash levels that mutual funds record low cash levels.
At -- portfolio managers.
And you have -- borrowing to buy at you know the market that is spiking.
At short covering is perhaps as the amount of short outstanding on the NYSE is that 10% since the middle of July saint Charles or you don't sound like bullish bets -- -- -- -- -- -- Charles -- the market headed well.
I think you know I've I've never seen a market go up in all the years we've been we track supply and demand of cash and stock.
I want companies -- bearish having this is the company's other house in the stock market casino it's their shares were playing with they come by and solemn.
Do whatever they want.
Without any SEC rules really has to create -- -- buying back -- as they're selling.
They are heavy sellers and we're borrowing to buy -- right.
-- -- -- -- -- -- -- -- You know that's the problem -- Wall Street.
It's not -- money it's my money.
You guys went -- -- hat in hand in September but instead this guy's gonna fall and the and the government the tax payers loan you folks the money.
And you guys just sit in on it and -- not allow an -- as yet in this economic recovery because the only people.
With the damn money is you folks sit on Wall Street.
I read I resent that quote.
I resent that quote that it's you know -- they have money what does it -- here on the thing.
It's that taxpayers money and it should trickle down these should be programs to help -- out of all those.
Foreclosed homes okay over 400000 foreclosed on.
These programs with that money that you folks have on Wall Street only -- said.
I'll go mortgages have been revised to help American families stay in their homes and I resent the fact that Wall Street -- -- -- money.
Day all us.
Let me give Joseph some added ammunition.
The only bullish so -- bullish thing is that over the last few months a million less families.
Are paying their mortgage monthly that's equivalent of a 2% increase and and -- but that's for the worst possible reason over a million families have stopped paying their mortgage.
More than previously in the last few months.
Over a hundred the three times as many homes are entering foreclosure as new home sales each month.
I mean this is not a could think.
All right gentlemen don't got to leave it there -- I love I love you being animated love to see get out there.
Ryan and Charles I appreciate that I really -- I appreciated too we need to hear it.
Coming -- giving America or avoid -- thank you that's right it deserves it come.
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