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tv   Making Money With Charles Payne  FOX Business  November 14, 2022 2:00pm-3:00pm EST

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give you more healthcare benefits, including coverage for prescription drugs, dental care, eye exams and glasses, hearing aids, and more. a licensed humana sales agent will walk you through your options, answer any questions you have and, if you're eligible, help you enroll over the phone. call today, and we'll also send this free guide. humana. a more human way to healthcare. jackie: we took it down to the wire. charles payne up next. hi, charles. charles: how are you doing, jackie. great to see you. good afternoon, everyone. i'm charles payne this is "making money". breaking right now the market trying to hold on to last week
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east move and without fresh doses reality. inflation expectations they continue to move higher so logic says stay away but some actually see signals, buy signals in this crowd of folks in these foxholes. i have gary kaltbaum, shah ghailani here with their analysis and as well as victoria green who will share ideas. looks like the same people built up sam bankman fried taking a critical look. what does gop infighting mean for the party and the leadership? deneen borelli here for that. you don't want to miss my take how spaces broke the public and also pay for some of the biggest mansions you have ever seen. i will show you a few. all that and so much more on "making money." charles: all right, we start the week with the same thing we start most weeks in 2022, wondering what jay powell will
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do next. on that note there is a growing feeling that the fed will keep hiking rates to a breaking point, going at a slower pace. in fact according to goldman sachs, what that means you probably see rate hikes from 2023 all the way to 2024. because here is the problem. core inflation does not get down to that 2% level. meanwhile fed governor christopher waller this morning out in sydney had rough words for the markets this is one of his statements. seems, people are getting out in front. the market getting a little bit too giddy, a little bit too soon. they said they have a long ways to go. what they're doing they're using the thank called the taylor rule this is a interesting concept. it came up in 1993. for you math whizs, this is what it is. if you figure it out see what the fed will hike, turn off the tv, come see me later on. the here is the thing i thought
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intriguing. the real gdp. you don't talk about real data, real numbers, real inflation, real gdp. that is one of the key things here. the fed has a formula, if you will. in the meantime let's not forget this is a real tough market, in many ways, listen the fed is trying to shock people. they're really trying to get everyone prepared for them to keep going harder and harder. i'm not sure that is going to happen. let's bring in our first two guests. i want to jump into this right away. guys, this notion that gary kaltbaum is with me, shah gilani, money map press, just this motion that you hear a fed governor say, listen, we knew that people were going to be excited. we knew this. so what we did we came out there with the mallet and we deliberately pounded the them away. again, for the investing public that is a tough thing to deal with, shah, the notion that the fed, even wants to temper any sort of enthusiasm.
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>> well, they're going to try to jawbone markets back down because the conditions easing as they have when markets pop like this is not what they want, i don't think they're going to have the ability to do that anymore. i think markets, i make it, to me it is sort of akin having climbed a mountain, the markets climbed this mountain. we're at the top. we know somewhere peak inflation, we'll see peak hiking regime and we're looking down the other side. i think the markets say we don't care how long we're up there, how often we're buffetted by head winds ahead we know the other side is down. that is what the market is doing, that is what it is reacting to. there is a chance of this could be beginning of a leg higher. charles: that is interesting because last time on the show, shah, you sound ad lot more pessimistic if you will. let me go to gary. gary, waller is saying part of the equation, we hear this from a lot of folks, not only assets have to get hammered break a few
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things they want to break investors. they warrant people to get out of the market, sell on a loss. to me it is unseemly but that is the way it is. >> they're nauseating. unseemly i can think of a lot better words i can't say on tv. imagine central bankers, central bankers talk about the stability of the markets, they created massive inflation, they created massive bubbles, now they're trying to stomp on people. they're happy if people, americans, great hard-working americans lose money? they want to see markets down? who the heck are these people? everyone of them should be fired. we should get new people in that will really care about stability, get out of the way. let free markets be, let the economy be, just get out of the way of the 300 million people in this country trying to do better for themselves. i'm stunned, i am absolutely stunned that the media is not crushing them on a daily basis
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just for these statements. think about that. charles: yeah. >> they want poorer people in the united states. it is insane. i better stop before i say something i shouldn't. charles: talk about shah, go back to what you were saying, how markets are trying, listen we've all been playing this game for a long time. the federal reserve has become a beast that pushes the market too far in one direction, pulls it in other direction, people riding it out at some point it comes back. how are you looking at this? how are you playing this, shah, as we await the waiting game for the fed? >> we're back to narrative trading and the narrative now we may have seen peak inflation. the fed is going to probably hike considerably more. terminal rate might be 5 1/2%. it might even get to 6%. but they will not see the big moves, 75 basis point moves that probably going to see 50. down to 25. i think the market can digest that. investors are looking at as long as we don't fall into a recession, a deep recession, as
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long as we don't have any exogenous shocks or credit events somewhere or some bankrolls over we can probably think we may have seen the worst of it. we can go higher. we're 2.4% from in terms of the s&p from a very important resistance point. we get above that i think we see money off the sidelines. there are trillions on sidelines. we will see fomo, investors fear of missing out. we could possibly see a leg higher but we're not out of the woods. charles: sure, sure. you guys are historians. twitter is worth less than 10 billion. he paid 44 billion. there he is talking about bankruptcy. history repeating itself. think about disasterous takeovers on the eve of bad things. for instance, the global financial crisis. you saw the bank of scotland
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took over abn am bro for $70 billion. financial services authority later said the board was so giddy, was so enthuse tis i can didn't do any diligence and aol taken taking over time warner. is there something about the musk takeover of twitter at the very, very top, speaks of the whole entire apparatus having its comeuppance here, gary? >> look i think that was a musk decision. i think he is not happy with the decision. was forced into it at the end. he would have loved to get out of it. i think he paid 2 or $3 for a one dollar bill. charles: no implications for the broader market, no implications? >> it could be, if there is a big problem if there was a bankruptcy. but look, i broader market, i said charles, watch the 10-year yield, if it starts coming down, the dollar if it starts coming down.
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the antibioticked mid-october. until thursday, why did it get going? the dollar started coming down. 10-year yield started coming down. if that continues we have a higher market. that said high beta stuff down big, down for the count. you sell up, stay away i think there are much better areas. charles: shah, i can't get to you, we're out of time,ed buddy, both it. gary, shah. suching a interesting session, we're trying to get our session. this is the worst s&p 500 performance in real terms, folks real terms, folkyou you won't believe this, since, since 1872, since 172. i think that maybe makes my next guest a little bullish. i want to bring in teroso investments manager. michael, i love your tweets by the way. i've seen your tweets. over the last weeks you've been
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bullish. pushing back against the crowd. do you see some opportunities here? >> well, yeah i used that line before. you know you're right when the counterargument is an insult, right? i think there was a lot on twitter. until, it was pretty aggressive, my pinned tweet, i said the end of the world is at hand. that is why stocks are about to have a melt-up. my entire contention you have to have stability in the bond market and if you have some stability in the bond market that will be enough to cause stocks to go higher. looks like that inflation report is seemingly giving us some of that stability, we could be maybe at the peak of that. look at that, i think there is a difference between a melt-up and a secular low. the damage is done for the economy. housing is at a complete stand still with these higher mortgage rates. we don't really feel it just yet because most housing activity doesn't happen in the fall and winter period. you will see i think a meaningful slowdown in housing. yes, you can have forward trade, continuation of the melt-up.
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set-up is there. nobody believes it. positive seasonality. right stuff is leading it, industrials, cyclicals, small caps in particular where are the outperformances. make no mistake about it. we're probably not out of the woods. as i said many times before bear markets are very good making fools of both bulls and bears. charles: do you take advantage, does someone play these things? you try to make money on them while they last? we had the june bounce which was 17%. this is the third double-digit bounce in the a bear market this year, do you try to play these bounces? >> depends on your approach. charles: sure. >> tends to be very short term. the funds are run, systemic, have basically nothing to do with me. reference the performance in terms of the equity market is bad as it is, there is a general rule of thumb to buy dislocation not normality. the doughlationcation in is the stock market. nothing compared to stocks the complete crash in the bond
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market. treasurys, quote safe haven asset tended to be riskier asette is year in terms of clients that dislocation will solve itself. real risk-off will return. at some point treasurys are a safe haven play again. until then let the melt-up continue. charles: i saw the tweet of yours on this. i have the chart, jojo up here. compelling looking chart. it is starting to break out here. would that be the place to sort of position yourself you've been describing? >> i appreciate it, that is my bond etf. the thing is, yields are higher than they were obviously many, many months ago. i would make the argument to everybody listening instead of focusing so much on stocks you want to focus on at least high quality bonds because there is now yield. charles, you've been in business for a while, you know this, they chased yield when there was none. now they don't want yield when there is some. there is some good yield out there. charles: before i let you go gold, buying, selling, are you a buyer? >> i think gold is going to work
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if people believe, alligators believe the bear market will last for a while. gold is unique, largely a diversifier. in order for money to believe it needs more diversification. you need to believe bear market persists. gold can catch a real momentum bid. a lot of yields on gold are largely wrong. tough have a belief beta is finished for a while. charles: it has been acting better but to your point it hasn't lived up to the high inflationary period. >> better than crypto. charles: we'll talk about that later in the show. thanks a lot. the warning we all should haveot sam bankman fried and ftx. what you must do to keep your crypto investment safe. you want to hear what dylan leclair has to say from "bitcoin" magazine at 2:45. get out the pen and paper, trader larry williams, he likes the mouse house and more after
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♪. jackie: i. charles: i got to tell youing something this year more than i can remember charts have been amazing. if you followed them to a t you made money and can make a lot of money. we follow the s&p 500, it is becoming more attract stiff in a range. it is range-bound. if it takes off the june high i think we'll be off to the races. how do we get there? i want to bring in legendary trader, larry williams. larry, beautiful looking chart to me. broke through the 50-day with no problem. looking ahead to the 200-day moving average. what is your assessment? where do we go from here with the s&p 500? >> it was a more beautiful looking bottom at the end of september. that was a great look chart then. now the trend is up. we'll break out and go higher. that is all there is to it.
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charles: fill the gap at 4100. breaking through the 200-day moving average. you don't need any of that stuff, you don't care, off to the races? >> no, what is meaningful here the dow jones industrial average has led the way. quality stocks have led this rally, not the s&p 500 but the dow. i think there is a real message for us there. charles: that is the old argument about old economy versus new economy. you like the fact that it is old economy leading the way? >> i think so. i still think there is weakness coming in the "faang" group. it will start to rally first of this coming year. forenow it will be under pressure for quality stocks. bring dance with who you brought to the dance floor is dow jones quality stocks. that is where the focus is now. we switched gears. tough switch gears in the market. charles: we'll talk and maybe get into the "faangs." talk about what name in particular you like and it is disney. before that, they just filed a patent for a new ride, it is missing some of the rails,
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right? i'm looking at this hinge who the hell would want to be in that. >> a trader. a trader. charles: the openly thing scares me more is the disney chart! we got the big gap move the other day you like disney here. >> oh, yeah. look at my forecast for disney. short term cycles, long-term bullish. look at a pattern we have. megaphone, broadening pattern. people wrote about that for the last 100 years. there is a bottom in place right here, right now in disney. time to go to go disneyland. charles: got to ask you then i will bring up those "faangs" because you referenced them earlier. it has been a ugly chart. looks like it is getting a little bit better. don't think we can get a long-term broad market rally without participation. don't say they have to lead the way but does "faang" have to play a role? >> no, it doesn't. long at microsoft versus the stocks in the "faang." it has been much stronger. that is an indication we're seeing quality come into the
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marketplace versus the old hyper inflated, overvalued "faang" stocks. they have probably had their day. they will come back but not in a hurry. charles: finally before i let you to, one thing a lot of people have been anxious about, people have been in the market a long time, is that the vix never hit 40, it never hit 50, it never hit 60. it is now down around 25. do you find that, is that bothersome to you? >> not the least bit. my panic indicator, gave a panic buy signal right at the low this year. so the vix is a tool. that's it. is it be-all-end-all market timing tool, obviously it isn't. charles: larry, always feel so much better when i listen to you. i don't know why. maybe because you won all the trading championships. talk to you again real soon. >> thank you. charles: folks we know the fate of the senate has been decided but the house is still somewhat up in the air. greg valliere will break that down. president biden's meeting with
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president xi. former president trump has a big announcement tomorrow. deneen borelli on the power play that is going on inside of the gop. ♪. what should the future deliver? (music) progress... (music) ...innovation... (music) ...discovery? or simply stability... you shouldn't have to choose. (music) gold. your strategic advantage. (music) visit
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♪. charles: so president biden met with china's president xi in bali this morning. while there weren't any bombshells there is always nuances when the world superpowers meet. with me now agf investments chief strategist greg valliere. greg, the percent face-to-face meeting between the two world leaders. why was it so important they met at this particular moment? >> i think it was time, after they both had elections. they both did pretty well in their elections and i think they wanted to be on the same page. i thought it was a very encouraging meeting. we weren't expecting any kind of a big breakthrough. the fact we'll keep lines of communication open, that is a
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good story. charles: now the white house communique to your point was congenial, you cosee it being firm on things like human rights, peace in the taiwan straits. they brought up the non-market economic practices that harm americans. so i'm really curious about that and also they did underscore, or underline the fact that america backs the one china policy which from time to time when president biden speaks off-the-cuff he pushes back at that? >> i know. i mean there is a lot of reasons to conclude this is not a marriage made in heaven. i think they're talking. there may be some issues they can find agreement on. maybe even some trade reform. so this, this idea of a good solid -- charles: we know the end of xi's meeting when he more or less took absolute power, they changed the word communique, word security was in there more than economy which was focus of
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their decade. many see that as a red flag. whatever possible war may break out between the countries, certainly a military force in taiwan happening sooner rather than later? >> i think xi has to see what happened in ukraine to see the ukrainian army sweeping to a victory. to see the huge sanctions put on russia. i don't think xi wants that for china. charles: talk about america then for a moment. they're still counting votes. we know the senate has been decided. the house technically is up for grabs. if there is miracle and democrat the win the house as well as the senate, what would mean for the markets? >> first of all it is really unlikely t would take as you say a miracle for the house to go to the democrats. i think that's a good story too. i think for the markets which like predictability, within days it will be clear that the house election has been resolved and i think for the markets which don't like progressive legislation, if any kind of progressive legislation left the
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white house and went to the senate, it would die in the house. charles: real quick, your thoughts on the infighting amongst the republicans now? it is the fingerpointing blame game period? >> i have never seen it this ugly. it will get on for a while. in fact it will get even more intense after donald trump announces tomorrow. charles: yeah. greg, thank you so much. always appreciate your wisdom on these type of topics. folks i want to bring in deneen borelli right now. deneen you're a huge donald trump fan. what do you make how fast folks are jumping off the bandwagon or should i call it the gravy train? >> well, don't forget before donald trump was president he was the man, charles, especially among plaque liberals as well. there are photos to prove that. but once he came out running as a republican everyone jumped ship. look, folks are reacting to the outcome of this midterm election. president trump's track record on picking candidates is very
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good. if anything, they should be reaming mitch mcconnell. it comes down to money as well. arizona, for example, blake masters, $10 million, versus mark kelly's 75 million. impossible to beat an incumbent. charles: i hear but the point is, you might know more than anyone else whether or not president trump decides he wants to give it another shot and he makes it official tomorrow but all the mudslinging, all the fingerpointing against trump from within the gop, are you shocked to the degree a lot of people are turning on him? >> well, look, it is the establishment versus the forgotten men and women. that is what president trump ran own, charles. we saw the results from his presidency versus what we're witnessing now. which is the polar opposite. the establishment, they're all about control and keeping their
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seats in congress. so when you look at the dynamics, the american folks, hard-working men and women versus the establishment, and don't forget the media is against president, former president trump, social media, the establishment, the democrats. you have all the efforts fighting against him when all he wants is merge to be successful and america to be safe. charles: to your point i hope that republicans voters, grassroots voters don't forget the elites who were in charge of that party really had them voting against their own self-interests many times. you want to go with ron desantis is a whole different story. i hear what you're saying. a lot of folks on the outs are trying to get back in. the dust is settling. 29% of the country say we're heading into the right direction. 71% think we're heading in the wrong direction. president biden is in control. what does that mean for the fate
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of the country in the next couple years? >> the first two years are a nightmare. i fail to see what next two years will uncover, charles, with our economy, the porous border what we're seeing in urban cities and suburban america across the country with the crime. things are not going in the right direction and i don't know what this 29%, what they're thinking charles, but why would biden switch course with the outcome considering what the outcome of this midterm election was. charles: all right. real quick then, gop leadership, should they hold that vote before or after the georgia senate runoff? >> look, not really sure if that would really play a role in with the runoff would be, charles. with the leadership, i don't think, what is his name, darn, in the house, mccarthy, is all that, if he is an establishment, i'm not really sure how much his support would be. there is no one at the moment folk up against him. charles: right. >> mitch mcconnell, like i
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said before, is part of the problem. charles: so you suggested that mccarthy and mcconnell don't really want herschel to win or indifferent? >> look, what we witnessed so far. where the support is from those in congress in terms of trying to get herschel across the line? charles: all right. we got to leave it there, deneen. thank you very much. coming up, folks we'll break down the latest with the ftx crypto contagion. what needs to happen after one of the biggest financial scams in history still unraveling. but it's a barn-burner. first we'll take a look what you probably want to be considering owning in this environment. the markets are acting better. victoria green is one of the best. she is next. ♪
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charles: signs of a relief rally is starting to run out of steam a little bit. the market trying to find what the next catalyst will be keeping momentum in place. meanwhile the fragility of this market still on display. we had the inflation expectation number from the new york fed out earlier this morning, one, three, five-year, all edging just a little bit higher, for the moment it knocked the wind out of this market. good news the market gathered itself. it is moseying up higher but obviously it will be tough sledding. joining me now g squared private wealth cio victoria green. victoria, the your overall assessment of the market, the way it is holding up now, the what it is grappling for? >> it has been fun the but nothing has been invalidated. we're still in a bear market. the downtrend is in intact. the dollar upturn is intact. this is the fourth or fifth time
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in this bear market we've seen these upward movements. we saw this in july when people got super excited about a pivot that wasn't a pivot. we're trying to find a new word to get excited about. deceleration. it is not pivot, pause, we're grasping at deaccelerate. the markets got fighted about with bernard coming out a little more dovish, but who is not expecting 50 basis points in december? charles: all of them are trying to get us to accept the fact whatever their number is, they will get to it, it might take them a longer time to get to it. nobody on the fed is backing away from that. i do know you like the oil patch last time we spoke. are you concerned though? i'm looking at oil, west texas intermediate. i'm looking at xle. that is the rocket ship on our screen. it is going straight up. oil is spinning its wheels. is there a decision connect there? >> no, i think reality we say see oil higher for longer. most u.s. oil companies get it out of the ground fairly cheap.
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if you look at permian basin it is $30 to get it out of the ground. all the companies are committed to distributing free cash flow back to the shareholders, either in dividends, fixed dividends or buybacks. they're not seeing expanding cap-ex. this is new reality for energy companies they're not making large profits to reinvest in the oil patch and giving it back to shareholders. above average dividend yields, buybacks supporting prices. with new sanctions from the eu december 5th making it very difficult for russia to ship oil and gas anywhere they will not insure it there is lot to be said oil to be able to hold the gains that they have had. yes, recessions are typically difficult on demand but you have to think at some point china will get out of this covid neutral policy they have. charles: right. >> you do see continued demand. so we think this disconnect is really a repricing. if you look at their pes, look
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at their yields, they're still extremely valuable companies, they're give being shareholders the bulk of the gains. charles: so earlier in the show, i'm not sure if you're watching the great larry williams on, showed him a picture of the concept roller coaster. it is missing track on part of the loop, right? i told him, listen, for many the chart looks scarier than that roller coaster but he loves it. you love disney too. my beef with disney, the ceo. they announce hiring freeze and layoffs after the earnings call. he lacks credibility. that is my concern about the stock. you like it here, right? >> after the pullback after earnings they have potential. they're all in streaming, their streaming numbers were terrific. they were 12.9. beat expectations. parks were low, and hurricane and concern on inflation. they need stronger, better leadership. i would be a huge bull if we get somebody in there which had better direction for the company. they will have to make hard decisions on the tv aspect, espn
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aspect how much they're paying for streaming, similar to netflix, their ad based, different tiers they have created they have massive profitability. they just need good leadership for them to maximize it. i think they're going to have cutbacks. i think they could see parks struggle in inflationary, recessionary period. this is a diversified company. you have the media section, direct to consumer section and streaming i think will continue to grow. they're making their average per viewer continues to go up. so yes they're paying billions more for content but content is so valuable with the "star wars" franchise, marvel franchises. they continue to pump out great content for adults which was underserved market for them but hitting that on hulu as well children's programming. >> i tell you when they get a new ceo i'm buying with both hands. i will wait until then. i bought into everything you had to say but they need a new ceo. victoria, you're one of the best. i appreciate you. thank you.
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>> time for money mail. up with viewer tweeting for my money only pundit on tv worth its salt, only one looking for the working man money cozying up to the hedge funds keep bringing it, cbp. tweet me like that, come to new york city i will buy you a view also. crypto, folks, what the heck is going on there? this ft x downfall goes a lot further than crip co. this is everything. we'll talk to one of the smartest guys in the industry. this week is all about retail sales and earnings. walmart and home depot we give you a look ahead of time with january rogers nevin. all that and more coming right up. ♪
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call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. first psoriasis, then psoriatic arthritis. even walking was tough. i had to do something. i started cosentyx®. cosentyx can help you move, look, and feel better... by treating the multiple symptoms of psoriatic arthritis. don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. charles: on the eve of the ftx collapse, alerting 17,000 users of the risk of holding funds on that platform and detailed the reasons for those concerns
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regardings suspicious leverage around ftt. joining me "bitcoin" magazine head of market research dylan leclair. i saw in hindsight as i investigated this, i saw the tweets from binance. he was putting out seems to me a public warning. don't know if he was triggering a so-called run on the bank. what were the red flags that got you to sound the alarm? >> there were multiple red flags. charles, nice to speak with you again. really what we saw in the summer contagion, when we first spoke, right, there was two main messages. there was one we don't really know if there is anymore bodies to float to shore and two, you know, alameda, ftx was sticking its chest out showing strength but one of the main concerns was you know, when voyager went bust, kind of a consumer facing retail app that offered yield, alameda was creditor to, yeah they were a creditor, debtor. so they were borrowing money that was the first red flag.
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the second red flag was when the balance sheet was published from coin vest, it was leaked out. 90% of alameda's net equity, right, alameda don't know, they are ftx unofficially one and the same. 90% of the net equity is tied up in their own exchange token. they were left have you everred against this. that was glaring red flag from the start. charles: a sheet showing the corporate layout of ftx. i never saw anything that convoluted in my life. something that was designed, look at this tell me when you look at this, that is a startup. that is like, no wonder they had a backdoor no one could figure out what was going on. it is just scary stuff. you've been warning people, right, get off these bitcoin exchanges. here is the thing. i have a coinbase account. i put 100 grand to it last year. 50 grand in cash, got 1 point something about it coin. i don't know how to get into another thing people say put it
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on a zip drive and stuff. how easy is it to make changes before it is too late. >> there are definitely some custodians, some exchanges more trustworthy than others. i would put coinbase in one of the more trustworthy buckets. charles: okay. >> the whole ethos, the bitcoin ethos don't trust, verify. we have a thing we can externally audit it, we can audit the entire supply. you don't need to trust a third party institution. it is a tough leap to go to custodial model we're operating in to self-sovereignty. bitcoin adoption fundamentally takes time. this is no fault of bitcoin, internals are up to the right hash rate. users, wallets. these things are all going in the right direction. but the exchange rate due to the kind of the crypto contagion and in entire industry cross collateralized, when you have a fraudulent event like this the exchange rate takes a hit. that is understandable. charles: when you hear this on
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the news, right, the story, i heard it on regular news, i even heard it on some media, they're lumping everything together, exchanges with crypto and the defy movement. to your point wherever the destination is, will take a whole lot to separate the crooks from the value proposition, isn't it? >> yep. you kind of see this in an order of magnitude larger every single bitcoin market cycle. bitcoin 76% from the all-time high. previous cycle 83% from all-time high. could it to bo lower in especially with all the market moves in all the u.s. assets is about the u.s. d denominator. what people should understand like 67% of bitcoin have not moved in the last year. that is an all-time high. people that understand this, have conviction know the game is unchanged in terms of bitcoin and in terms of the legacy system we're aiming to compete against or to you he no, to stack up against.
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charles: some would call these growing pangs. it is a shame. i feel so badly for those who got hurt. i truly, truly hope, everyone involved in this, people who looked the other way, regulators, politicians who took all the money, i want it to come out you done amazing job, dylan, i look forward to you revealing more of this, bringing it back on the show. thank you very much. >> charles, appreciate it. charles: let's shift back to the markets, folks, because we got real big news this week. it is all about retail. i want to bring in our very special guest in studio. jan rogers kneffin. it is nominal number, not adjusted for inflation. it's a big number with a lot of money what can we learn extremity of retail investor or consumer? >> it was as high as 1%, down as low as.. sounds like not a very big variation but it is.
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it will be up 1% month over month,% for the year range. it is nominal -- 8%. units are flat. charles: the bottom line we're living up to our dna? we love to shop. >> we were stronger at the end of the quarter than we were at the beginning of the quarter. charles: would you say most of this is food at home, discern from that you know, other parts are lagging? >> it is funny, the food is running 12% inflation. my side of the business, all that kind of stuff it is 4% that is running. if you get 8% on that side of the business you get 4% real. if you get 8% in the grocery stores you're in trouble. charles: sure, sure. i saw this morning fedex is furloughing a bunch of workers. it dawned on me, they're doing this in front of the holiday season. that doesn't bode well for the holiday season? >> that is more of an amazon issue with fedex than what they're projecting for real traffic. they're looking basically at flat year-over-year in units and
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they're still looking at cutting back because amazon has been trending away from them and toward their own stuff. charles: right, right. >> yeah, we're looking at amazon not getting market share they have gotten. charles: amazon is laying off folks or doing hiring freezes themselves. >> right. >> let me get to two big names reporting before the open tomorrow, two of the biggest, walmart and home depot. how would you happened cap those? >> i'm a big fan of walmart now especially because that is the place to go when inflation is killing you. the consumer is buying the kind of stuff they're selling. i think walmart will be at 4% number on store for store salespeople are expecting. if that happens we'll be really happy. home depot looking for 3. that could be a stretch. that is not where the consumer is right now. lowe's is coming up later. they could be less than 1% store for store. we're seeing consumer still buying all kinds of stuff to take with them when they go someplace buying those plane tickets, that will continue right through holiday. i don't think we'll see much spending on the homeside through
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holiday, whether home goods or diy. charles: less than a minute to go, i know what you like. you loved boot barn for a while. you loved tractor supply. i am feeling a theme. >> i love boot and directors supply. i love levy's. i love aspirational goods right now. those people are there. i still like lvmh and -- charles: really? >> even though we're talking about it slowing down at the upper end i do not think it will be slow through the holiday. charles: capri. >> yes. charles: i'm getting waxed on the stock. my subscribers are down 25, 30%. you think it's a hold? you think the company is doing okay? >> i think we'll see strength at aspirational side. if you're selling apparel, act sectionrieses jewelry, cosmetics, stuff you take with you going on vacation or going out, as per rational clothing on point of view of occasional stuff we'll buy stuff for the holidays. it is a good fourth quarter for
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businesses. it is 2023 you have to worry about. charles: thanks a lot, jan. we'll be right back, folks. ♪.
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he'she good ne, folktheyay for . mae the xt bk shou be where e all e inveor mansns, beuse th56 miiomansiofigled h cod be t32 milon. thaboutisker,ou ownny th stocks wn 6. you wot be gtingnef minar'pa85 mlion for house,he stoo do 62%. the inbase ceoad a133 millust'do 84%. maybe we could bring back the robber barons, seemed like a better time, liz. liz: you could at least touch what they made, right? [laughter] how about that. you know, you actually could see a train and its tracks. charles, i'm glad you ended on crypto or at least coinbase. we are going to look a


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