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tv   Making Money With Charles Payne  FOX Business  September 26, 2022 2:00pm-3:00pm EDT

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avino haons ofe he tar lstgeun vedepelod silver resources in mexico, adjacent to their flagship and producing mine. the transaction increases avino's resources to over 290 million silver equivalent ounces. avino silver & gold. neil: down 403 points on the dow. i think charles payne can fix this. charles: thank you, my friend. i'm charles payne. this is "making money." resistance is futile. bonds keep soaring fed officials keep talking. downside momentum has become a tidal wave. when does it stop, how do you survive, ultimately how do you find a way to make money once the dust settles? i will ask my market experts on the show. what is the checklist for the
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market bottom. businesses say we've entered in alice in wonderland. i will ask brian wesbury is there any chance the fed won't go too far. owning a home is becoming a group effort. economic realities on main street. hadley heath manning. i'm saying what happened in italy is rejection of globalism. sven hendrich is here in later in the hour. my take wayaway of ununited revolt. citizens around the world are up in arms. they're making moving only if they were united. all that and so much more on "making money." ♪. charles: so today could have been a very pivotal session for the market. remember the s&p closed just, less than a percent from the june low on friday. many thought maybe more hoped than that would mark the bottom of the bear market. of course there is no doubt the market is oversold right now but
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here's the thing, folks, obviously that doesn't mean it bounces right back. some indicators so you know. the mcclellan oscillator, this is the second most oversold it has ever been. the over time time it was more oversold was during the covid crisis. that is not the only thing. there are some of these things. friday, friday, saw a record number of puts! he never any session ever. 34 million put contracts were done on friday t doesn't end there though. take a look at this, retail traders, it is not just the experts anymore, it is not just hedge funds. this is retail, buy to open put premiums they're also getting in on the act. some want to hedge. others are seeming to swing for the fences to get back a lot of money that they lost. as we watch with bated breath we have to assess exactly what is happening because since june 16th we actually went off script a little bit. think about what went down. the havenss right?
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pure value, told to get in pure value, that is down 3% coming into today. utilities, transpos. semiconductors. investment grade bonds, down four%. emerging markets, how many experts told you what emerging markets are cheap. sometimes they're cheap for a reason. the flipside what happened since june 16th. some of the things that worked that were not supposed to work. pure growth up 3%. nasdaq up 2%. here is the wild card, utilities. that is a safe haven and it is acting very, very good. so this could actually be your guide. when the dust settles maybe this is how you want to play this market. joining me to discuss kaltbaum capital management president gary kaltbaum. gary, how surprised are you so many safe havens have gotten whacked since the june low?
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>> not at all. we have specific rules studying every bear market, one of the main ones they get eventually most everything in the bear markets and that is what is happening now. call it growth, value, small cap, mid-cap, large cap, emerging, they typically get everything and we're in the midst of it right now and unfortunately it gained some teeth. i think nasdaq is down 12 1/2% in the last nine days of a lower high. so not good news. i really don't have anything great to tell you here to make anybody feel better. it is the name of the game. charles: you talked about potentially window dressing this week which technically isn't supposed to happen. listen at some point there is going to be some sort of a move but is there is there anything that you think that the street would look at in terms of window-dressing? what would you dress it with. >> technology, that is where it
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is most overowned. you see a relative bid today. every time the market rallies up they're buying into tesla, apple, things like that but just keep in mind the big picture, the main trend for just about everything is down. and they may rally them up for a couple of days but when all said and done they will eventually take them lower. charles: right. >> you have to be very careful even about this week. we get fabulous october to come and that is when earnings seasons come. i got to tell you, after fedex, i am really worried about earnings season now. charles: you talk about this all the time, sentiment, right? that is one of my favorite things but bearishness is at a record high. we've seen that only for the fifth time where individual investor bearishness is at 60% however you just alluded to the fact it is about price more than anything else and the movement of price s there a level, how many days would the price of the market or the momentum of the market would have to go up to say okay, maybe there is a change in direction? >> a lot more than what we've
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seen. charles: so more than one? just joking. >> exactly. best way i can explain this to you is today we're nearing 2,000 new yearly lows in the market even though i think a couple of indices are not there yet. that is what is known as leading the indices to the downside and we can talk sentiment all you want but just remember sentiment gets bearish because a lot of people are losing a lot of money which means the markets are not in great shape. now eventually it will be meaningful but when i say sentiment is a secondary indicator i mean it. price is what you get paid on or what you lose on and that's what i focus most on 99.9% of it. charles: gary, i got to get your opinion on this up here. we have a legion, wooden soldiers are on -- this is fed speakers this week. monday, look at this, tuesday, doesn't stop there, wednesday, thursday, friday, every single day these guys are out there
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talking and their main job is to talk to market lower. i'm getting a little worried about this? >> one of my favorite groups of all sometime is genesis. one of my favorite songs is land ever confusion. if you just listen, watch the words of all these central bankers is a mixed mumbo-jumbo. i don't even understand half the stuff and i've been saying it for a long time, they are doing more damage with their words than with their moves. i have seen them go during the day to, we need to go easy eventually, to we need to keep tight. we need to go easy, we need to keep tight. i must tell you i can't make use the word they're making markets very, very mad. we've been saying on the show, watch the 10-year yield today, we've gone from 3.7 to almost 3.9. that is unbelievable move. charles: that is nuts. >> that will be bad for mortgage rates, obviously bad for markets. 4.2 on the one and two year close somewhere in there.
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competition for money is on now. that is why you're seeing what you're seeing. i just don't i this the fed knows what they created. for two years we've been talking about the monster and distortions they created. this is the unwind, my friend. they have lost all control unfortunately. charles: they really have. of course i love the genesis notion, also temptations have the ball of confusion which is also a pretty good one. good luck with ian down there. i know florida is in the path. we're all thinking about you. gary, thank you very much, my friend. >> thanks, charles. >> bring in money map press chief investment strategist shah gilani. this is a tough market, nothing is certainly working. the script keeps getting flipped. i want your professional opinion, what is your opinion about this market than other bear markets that you've seen? >> we never had a situation globally where central banks are raising rates almost in conjunction being led by the fed. that's different. i haven't seen that before.
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i don't think anyone has seen that before, not in the '70s, not in the early 80's. that makes it different. impact of rising rates not just in the u.s., other central banks raising rates causing depreciation of their currencies because the dollar keeps getting stronger. they raise rates to coupe up with the rising dollars. it is not working. their currencies are going the other way. that is a potential black swan out there. markets don't know how to deal with that. obviously the kind of moves we're seeing in the bond market absolutely unprecedented. four, five, six, standard deviation moves. somebody will get carried out here at some point, charles. something is going to happen. charles: here's the thing, shah, almost everything i'm looking at suggests one year from now this market could be up huge, right? i referenced the individual investor bearishness. it is over 60%. that only happened four times in history. market a year later, 26%, 18%,
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67%. the question though i'm holding stocks. i've never been through anything like this. how do you weather this storm so i can get to these numbers? >> that's the hard part, weathering the storm. if you have not taken out on stops, taking any profits, if you're hanging on, i think you will have to endure another 20% down at least, could be more. my worst-case scenario, and it is pretty bad, 50% lower from here. i don't think we see that but when we get there, wherever there is i think it will be fairly quick. it will be a monumental generational buying opportunity. there is so many cash on the sidelines. once all the weak hands are flushed out, markets come down to some crazy, really shall we call it cheap multiple, then i think we're going to go up, we'll probably rise again for all could have years. the economy will strengthen again, global economies will strengthen. we'll be on a tear once again. we'll have to see a flushing out first. charles: wow. i will say shah, listening to you i am glad i brought down nye
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jack daniels to the studio. with a minute to go, does that mean you're not buying anything? you're not trying to game some of these bounces? or is the best thing right now to be in cash? >> i'm, i never had, i'm sitting on a pile of cash. the only thing that we are buying right now, we're buying puts, buying put spreads on moist ever the zombie companies. we're buying call spreads on the vix when it comes down to ride that up. as far as i, i have a long list of amazing, fantastic companies that are going to bounce once the bottom is in. probably will wait until we get some point past the new lows to start nibbling on those. i will buy, average down into positions. microsoft, rio tinto, a long list of great companies, some like rio tinto pay huge dividends. certainly investors want to look at those on the way down to average into them. charles: real quick, i have to
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about 30 seconds, cpi number focus is substantially below cone census, could that be a potential turning point? >> i don't think it will be a turning point long term. i think it will be a snap rally for sure because we're so oversold. all of the metrics you brought up, that is exactly what we'll see a snap rally, a lot of investors will start to run to cover their shorts. the put buyers will sell those and we'll get a nice pop like we did in june you know we had the nice rally there but it is unsustainable long term as long as the fed will continue to raise rates. we know they're going to do just that. charles: shah, thank you so much. appreciate your guidance always. all right, folks, women who stay single and don't have kids are getting richer as america's dismal birthrate about to get rocked even further? hadley heath manning on this. also the other economic realities for main street. also we'll take you to chart school because everyone is talking about how much room to the downside there is. let's look and see exactly how
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♪. charles: needless to say we need help to understand how vulnerable we are. welcome to chart school. i want to bring one of your favorite, adaptive market technician, ian mcmillan. let's get right to it. s&p 500, we held the 3606 number on friday. if we don't hold there, i am thinking maybe 3600. some of these old highs have become lows, 3400. what are you looking at here, in terms of how vulnerable we really are at this point? >> i say, well you mow, we're sitting here talking about the s&p. the dow is really below a lot of these. so we hit through the june lows where we are now, then you're probably going back to the pre-covid highs. i want to say that was around 3390. if we get through that, then you're probably going down to 3200 as there was september, october, november, kind of a range there in 2020 and below,
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that charles, which no one wants to see, maybe those blow off early 8:00 highs? i know there is a long time ago, but a big behavior level. charles: wow. in other words, we probably get to those things quick, right? one probably triggers another right away. let me ask you then about some of the other things i'm seeing in terms of, you know, typical signs that maybe selling is excessive. so on friday this seemed to be a classic panic day, right? you had so many more new lows than highs. i mean this goes back to the june low which coincided with the bottom, a bottom, a tradeable bottom. the may low. 8 new highs. 1106 new lows. at what point do you start to see this sort of, you know, extreme selling, extreme pessimism? does it turn like make you a little positive? >> so i would actually go as far to say this really wasn't that
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extreme. was it extreme in regards to what over the last few years? yes. using this metric, new highs versus new lows, we did have a worst reading than we saw in june, definitely not bullish. as far as is this panic selling right now? i would say no. we saw worse numbers than this in 2020, q4 2018, even the 2015 and 2016 range, those gots were worse numbers than this. charles: all right. so the carnage can get a whole lot worse. let me ask you about bitcoin. bitcoin has really held pretty good, right? i think, hold on, this is the wrong chart. bitcoin should be around 19,000. anyway, bitcoin has held really tough around 19,000. forming what you would call a descending training gel. on one hand you marvel and applaud it held, other than hand
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if it breaks through there the other end of that triangle it makes a big move. what move would it be to the downside? >> i say a move to 11,000. i think it is vulnerable here. on necessarily risk-on assets we talk about bitcoin or tech stocks or arc or biotech, bitcoin had one of the worst bounces from a technical perspective. yes you rally from 18,000 to 24, a big percentage who have but from a technical perspective bitcoin pretty weak over the last few months and i do expect this to break. charles: commodities erupted. part of the whole inflationary thing. now they have come down a whole lot. now they're really breaking down. they have broken some key support. can this commodities, can they continue to come down particularlily because everyone's hoping maybe that will be one of the things that will ease up this inflation problem? >> yeah i do expect broadcoms
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continue down. commodities peaked after the whole ukraine debacle started. crude has been unownable below 95. even more unownable if that is a word, or possible, below 85 and i do think that that bleeds into broadcoms and i think it is a demand issue, not a supply issue. charles: you gave us some sobering realities, and charts back you up. ian, thank you so much. appreciate you. >> have a great one, charles. charles: coming up folks, how long will it take to get down to 2% inflation? history says when inflation goes above five it only take as decade. what are you doing for the next 10 years? i will ask brian wesbury about his timeline. forget the crock pot, folks are asking wedding guests to help them with their mortgage payments. hadley heath manning is here to react after this. ♪.
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charles: earlier today the dallas fed manufacture inning survey was released. not only did the headline number decline 17.2 against consensus of a 17.9. prices paid went higher 37.1 from 34.4. prices received swoon to 18.1 from 26.8. the most felling part of the report says one respondent we're living in "alice in wonderland." it is getting "worser" and "worser." chinaing me chief economist brian wesbury. brian, they're generally moving lower and certainly no room for businesses to raise prices anymore. this is bad news for corporate america. probably bad news for jobs and employment as well, right?
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>> you know, charles, there are all kinds of things of moving parts in here. the ism indices, normally these prices paid are really impacted by energy number one but commodities number two because they're bringing in all the raw materials. then at the same time we have tax, interest rate hikes on the other side. this is making people stop buying houses, stop buying furniture. so it looks like you can't push through price increases but, i think inflation is here for a lot longer and it is going to be a lot higher than people think. companies will eventually be able to push through those higher costs of materials. charles: wow. okay, in the meantime powell said, you know, listen this fed is aggressive. in fact in many ways if you measure it is the most aggressive coming out the gate so far up 300 basis points. >> right. charles: how long can they keep that going? >> i mean powell is trying to be
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paul volcker although he is not really doing what paul volcker did. paul volcker squeezes the money supply and that is when interest rates, why interest rates went up. today the fed just sets interest rates where they want and they think that is going to lower inflation and the wheel idea here is that rate hikes will destroy demand, kind of what i was just talking about. here's the problem. rate hikes also destroy supply. so for example, people are having a tough time buying houses today with more rates at 6% but homebuilders are also backing off because they face higher construction costs as interest rates go up. so this idea that you can just raise rates and it is like a laser scalpel and it gets rid of demand, that is not true. it affects the entire economy, demand and supply. so they're going to keep it up and eventually throw the economy
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into recession. charles: am i overthinking though, or maybe wishful thinking when the fed put out their model last week, their economic projections they're modeling for a rebound in growth next year. >> right. charles: in order for that to happen they must know they can't go too far. do they have that back in their minds at all? >> charles, i think, the federal reserve completely changed the way they managed monetary policy back in 2008. when ben bernanke started doing quantitative easing they flooded the system. it is called the abundant reserve system and then they just set interest rates. they set them wherever they want. the market has nothing to do with it anymore. used to be banks bid against each other to set the federal funds rate. now the fed just sets it. so no one knows, if the fed tells you that they know they don't know. we have never managed against
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inflation in this new monetary regime. charles: right. >> there are massive amounts of excess reserves. those reserves are still flooding into the system and we have high rates at the same time. we'll have to wait and see how this all plays out. charles: i got less than a minute to go, we're showing on the screen the 10-year yield. it is rocketing up 21 basis points. it is on fire, it is unstoppable. what is the main message here? >> yeah i think the main message here the bond market finally decided that the fed has no idea where its going. that inflation is here for longer than people thought. you can't have, even today, at a 3.8% 10-year, with a 6% inflation, that interest rate is way too low. it has to be a lot higher. so the market is finally realizing that the fed's been manipulating it for a long time and now even the fed is losing
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control of the market. and i think this plays out over this next year with a pretty serious recession in 2023 it is not going to be a soft landing. the fed rarely does soft landings. charles: right. >> and they are experimenting with a new monetary policy regime and they don't really know how it works. charles: wow. the fact is we're living in the middle of that experiment. brian, thank you very much. of course all of the numbers -- >> thanks, charles. charles: data used by the central bank forecasters, all the numbers like the dot plot, those are human beings, folks and it takes a toll on us. i want to talk about the debacle on main street. i want to talk with hadley heath manning. americans have lost $4100 in income to the biden administration. express what that means to an ordinary family. >> it means a loss of financial security, charles. so many things in life don't
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simply stop because we face increased costs when it comes to inflation or higher interest rates. if refrigerator stops working, if dishwasher stops working, if a child has a medical need you have to come up with that dollar to meet that emergency. so many people feel they can't do that they're spending so much more money on inflation. $3,000 increased a year of inflation costs and other 1200 of the heritage study, that is a cost related to higher interest rates are one tool that the policymakers are trying to use to combat inflation. charles: the sad part there we know for a fact that is going higher. we just talked to brian about that and the inflation part of it is lingering. year-over-year one of the consequences the principle of mortgage payments are up more than 52%, making the dream of homeownership fade dramatically. i saw something intriguing. apparently instead of asking for crock pots, american couples are asking wedding guests to help
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them with a mortgage dune payment. i think that is brilliant but at the same time it is kind of sad. what do you think about that? >> it's a good thing to sort of crowd source from your community the money you need to get started in life. people in my generation are getting started later in life whether marriage, family, homeownership or paying off the student loans, charles. many are simply behind, facing affordability issues in the housing market. they're just not settled yet. so many people are stuck in a big urban center with a job they might like but would rather live in a suburb. it will take a long time for my generation finally to achieve their american dream but we're on our way. charles: let's be honest, you have to give up the grubhub account, the uber account. you have to really tough it out. i see all the young folks getting out of ubers all the time. am like, okay. >> i made my own pumpkin spice latte. that is no joke. charles: you have to ship me some. couple weeks ago there was a headline in business week that got a lot of attention,
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essentially praising women that forgo marriage having children saying they're getting richer. you're thoughts is it either/or at this point? >> you know american women have had so many doors open to us over the course of the past generation or two in terms of education, economic opportunity. they're building wealth. of course children cost money. marriage has traditionally been and still long-lasting, strong marriages are good way to build wealth together. children cost money. i might have less money because of my children but i still consider myself rich, charles. they enrich my life in ways that dollars and cents never capture. women have a lot of choices to make in terms of the tradeoffs available to us. charles: hard to quantify that part. i will tell you as a broker, when i started out, cold call people from old yellow pages in the back of the office everyone went through already. i was on the cusp of quitting. the only i didn't quit was my daughter. i vowed to make it, my daughter who was still in diapers i had to make a different life for her, hadley and i did of childrn
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help you that people crunching numbers will never figure out. great to talk to you. >> thank you, charles. charles: coming up i will give my take on the callousness of the global establishment but the world is fighting back. the results of the italian election just a rejection not just of globalism, but specifically mario draghi. you remember him, in charge of the ecb. i can't wait to hear what sven hendrichs says after the break. ♪ moving forward with node- positive breast cancer is overwhelming. but i never just found my way; i made it. and did all i could to prevent recurrence.
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draghi's national unity government. joining me founder sven hendrichs. i need to learn more about the intricacies about all of this. italy, couple weeks ago, sweden, the right has risen to power. this is the overall rhee projects of the establishment. what are your thoughts? >> hi, charles, good to be with you. absolutely, we had institutions in a centralized -- yes i can. this is a, institutional change that you know, we've over the last five, six -- i can hear you just fine. can you hear me? charles: i can hear you. someone is talking to you. i don't know if it is from our control room or whatever but keep going. sven. >> sorry about that. charles: that is the establishment. they don't want you to be heard! >> charles? charles: keep speaking.
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all right. so anyway, some issues there. golly what a great person to talk to about this, the bottom line, folks we're seeing this happen over and over again. all over the country, all over the world. every time it happens we're told, don't believe your lying eyes. in the meantime we're talking about the federal reserve, right? they updated their economic projections. one of the things i wanted to talk to sven about, you see this, they don't see recession. neither does the ecb, and yet here's the problem they are both committed to crushing economies. so i want to try once again to bring sven back. are you back with us? >> i'm right here still. >> let's do this. >> let's do it. look, the, federal reserve, this is my biggest fear here is they seem incredibly detached from reality. it is okay to get a forecast wrong, forecasting is hard but you want to be somehow in the ballpark of realty.
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obviously last year inflation total miss. they have been overestimating gdp growth, 4% in december, 3.3% in march, 1.7% in june. now down to 0.2% and yet we have not had a single positive gdp quarter. charles: right. >> so the worry is they are misreading everything as yields are skyrocketing as dollar is skyrocketing. >> sven, let me jump in there. why are they so low? ecb doesn't see recession. we know that is happening both sides of the atlantic. why are they loathe to admit and if they won't admit it how much confidence should we have in them? >> that is the problem. they claim credibility and put out forecasts not attached to reality. up next year unemployment 4.4%, projecting positive cpb growth. you have bps below unemployment recession 100% of the time. are they simply so worried about
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causing a panic and keep confidence up? the problem they're not doing anyone, nor themselves a favor here at all. charles: right. >> because it just kills the credibility. charles: so having said that is the stock market too pessimistic here or is this massive selloff yet again the right move? >> you know, selloff makes total sense in context of rising yields and the extremely high dollar. the surprise so far is that we have not flushed to new lows yet although that may still be coming into the weekly 200 ma. the fact is not sustainable. we're in this really weird phase you can really flush lower dramatically or if any of these yield dollar charts reverse you will have a massive melt-up because we're as oversold as i have seen it. nimo hit minus 30. one of the fourth lowest reads ever. we're going into the cusp of positive midterm seasonality
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which usually starts around the beginning of october. it all dependent what happens to yield and the dollar. charles: right. >> notice we're seeing more and more governments intervening. bank of japan, hints of bank ever england intervening on the pound as well. charles: i saw that i'm surprised the market went down after the boe said they were thinking about intervening. i got 30 seconds a couple months ago, you gave as you gem a great trade, if we get a sharp turnaround is there one specific name you're looking at? >> staving away individual stocks with lack of visibility of earnings coming up next couple weeks. rather focused on indices. s&p weekly 200 ma, 3580 is kind of a risk zone but looking forward to a flip, we get flip on dollar and yields. >> sven, thank you very much. always appreciate your wisdom. coming up, folks, citizens around the world are fed up. my take on the ununited revolt. on markets we have two the best.
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♪. charles: hey, you remember in 2020 and 2021 buying the dip? it was a lot of fun, right? not this year, not so much. the s&p 500 has slipped 1.2% the week after 1% decline. so that makes this the worst year for buying the i dip, drum roll, 1931. picking a bottom in general has obviously been very hazardous this year. i want to bring in director tjm institution director jim iurio and global strategist, quincy krosby. jim, start with you, i something on twitter a day after the show you admitted you made a mistake. you kind of called the bottom. are we near there now? how did you get that epiphany? >> well, okay a couple things changed. over the recent change, currency instability in the uk and
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eurozone is obviously a big part of it too. something else changed too. after the cpi number, asked you three months ago both of us where do rates need to be we would have said higher. all of sudden three months now. there is no real time inflation data. the cpi data is operating a six-month lag owner equivalent rents thing and owner rents in the pce we look at right now. we're in the zone, are rates high enough? the fed has no idea. all we know they're committed to raising rates until they know for sure. so that puts us in a bit of a precarious situation. that being said once we got close to the old june lows, like being in your neighborhood and not stopping by for a cup of coffee. of course i would stop by, now we're here. if we close below it there might be more bad things to come. there is good side. i don't mean to be wishy-washy because i'm waiting for price to dictate there. last week most protection bought sing well week ever, shorts on futures, we could be in-store
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for a short squeeze. if we to 3780 i think we will get a short squeeze. charles: you set out the road map, jim. quincy, second ago the nasdaq turned green. in the nanosecond the market roared back. the bias is to the downside. i think the overall market is to the downside. to the point jim was making what turns this around? >> what turns it around you know the market sensing that inflation is coming down in a meaningful pace and also then the yields would start to ease and the dollar will start to weaken. you get that backdrop and it is very attractive for equities and i should also point out that you're going to get the valuation on the market down as well. right now it is 16 times forward earnings. you try getting that down to 15 times forward earnings, it is going to be a compelling story. charles: right. >> as the market senses easing. charles: i think it's a lot better if you back out those six or seven big megacap names.
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>> yes. charles: quincy let me stick with you on the bond yields, they have gone parabolic. golly, how has this changed the investing landscape? >> it made bonds attractive again. we're going back to the past. the future is the past where you can treasurys, now short duration bonds, short duration investment grades and you get a return and you can feel comfortable about it. i think bonds are going to play an important part of the portfolios again. it doesn't seem like it can ever happen but nothing stays the same forever. that is what is going to happen. bonds for futures to help the retirees. charles: something has to help them, right? the 60/40 portfolio has been decimated. people owning 30-year bonds thinking they were retire they have a huge awakening. i got a tell you a lot of people stopped me in the street this weekend and they are very, very afraid. it is about trading this market.
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they worry how they will live out the golden years. jim, what do you say to the people when they ask you this question? >> well, okay. this is a hard time to answer that question when the 60 portfolio has been crushed like you said. what really should be happening there should be a rebalancing every year. when i was talking to people before, when you rebalance, when yields are zero you don't buy long end rates at zero. so hopefully people were keeping more in cash. that is how -- right now there is really no way to do it other than to hold on and just relax and wait it out i guess. charles: so you're relaxing waiting it out but we know everyone agrees to a degree we're oversold. at very least you can get a massive trading spike. jim what are you buying or spying here? >> this is really interesting to me, and i'm not one of these crazy diamond hand holder people, we talked about this before, ethereum and bitcoin held tight despite the u.s. dollar rallied in five% in a week's time.
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if risk assets start to peak higher i think those both could shoot higher. s&p potential short squeeze if it settles above 3750. i'm looking at crude. crude is on top of good sport from years ago in 77 to 76 level and if that starts to get a rally above maybe0 i think it goes to 90. charles: i think bitcoin above 24,000 i will add to mine. i own 1.1 bitcoin for the record. quincy, what sectors, subsectors are looking compelling to you right now? >> i like energy also. you have got natural gas, you got oil, strategic petroleum reserve has to be filled and you have also got issues with opec, opec plus talking about they just don't have enough oil to push out. we're going into winter. people need oil. people need natural gas. we need to explore more. we'll i think see more drilling, exploration in the country. they give out great dividends and variable dividends.
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they're giving money back to the investors. charles: yeah. i got to tell you, the energy side, these oil names are the cheapest out there, period. and i again, there was a huge shock, energy sector down 10% last week i think that is where value is as well. agree. jim, quincy, thank you both very much. coming up, my take-away on the ununited revolt around the world. citizens are fed up. what if they could all work together? we'll be right back. ♪.
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charles: it's a push againsts establishment. i don't want to shortchange you. you've orgone too long in the show and cinching that to tomorrow and two things i'll be looking at is this market oversold here and a lot of people buying into the close and a couple sessions for rebounds and trader fantastic and twitter might lead the way and lot of scuttlebutt that could lead the way and heavy negotiations and i would not be surprised if there's a deal and some other names continue to look very, very intriguing. tesla looks phenomenal and
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there's big names out there that a lot of folks have written off with potential and the problem is you've got to be more nimble than you've used to if that's the only thing you can do, you can make a lot of money and go for choice a. leave it there as we pass it over to cheryl in for liz. liz: yeah, i was sad the twitter is delayed. we're in selloff mode where markets down as you can see. the nasdaq just coming back into the green. but the dow right now down 231 points, s&p down 21 and change. s&p 500 is on track for a new 2022 closing low as it takes out its june low. we've got an hour to go. we're going to see how that goes


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