WELLS FARGO DOWN 1 AND A
THIRD% BLACKROCK SHARES UP
BETTER THAN 2% JOINING US
RIGHT NOW, EDITOR AND PUBLISH
DENNIS, GREAT TO SEE YOU
WELCOME.
>> MARIA THANK YOU A LONG TIME
YOU AND I GO BACK A LONG WAY.
>>.
MARIA: SURE DO I KNOW BEING
FOR A LONG TIME YOU HAVE HAVE
BEEN STUDYING THIS MARKET
LOOKING AT TECHNICAL ISSUESS
WHERE YOU SEE MARKET GIVEN
PRICE EARNINGS MULTIPLES ARE
EXTREMELY EXAGGERATED PRICE TO
VALUE MULTIPLES EXEXTREMELY
EXAGGERATED PSYCHOLOGY
EXTREMELY EXAGGERATED I FOUND
THE MARKET OVERBOUGHT A LONG
PERIOD OF TIME MONSTER IT HAS
BEEN A BULL MARKET CONTINUES
TO BE A BULL MARKET YOU CAN
WRITE DOWN WILL CONTINUE TO BE
A BULL MARKET, UNTIL IT WILL
STOPS WE ARE AT THAT POINT, WE
ARE WHERE IT IS JUST -- I MEAN
WHAT MORE CAN ONE SAY HAS BEEN
AN AMAZING MOVE THUS FAR BEST
ONE CAN WAY ONE DAY WE WILL
WALK IN, THE DOW WILL BE DOWN
TWO OR 300 OR 400 POINTS IT
WON'T RALLY AND THAT WILL MARK
THE TOP, BUT UNTIL THEN, EVERY
RALLY HAS BEEN TAKING US TO
NEW HIGHS EVERY LOW AT -- AT
HIGHER LEVELS EACH OF THEM
TIME HE FUNDAMENTALS MAYBE
EXAGGERATORED WILL CONTINUE
WHAT CAN ONE SAY.
>> STOCKS GOING UP UNTIL THEY
GO DOWN YOU ARE RIGHT, IT IS
IT HAS BEEN ONE AFTER ANOTHER
AMAZING TO COME IN MORNING SEE
IT DENNIS WE HAD A
CONVERSATION FROM ONE OF THE
EARLIER GUESTS BRING IT WILL
UP WITH YOU AS WELL THAT CAN
WE BE IN ENVIRONMENT WHERE WE
HAVE HIGHER, YIELDS RATES AND
HIGHER STOCKS, AND CAN THE TWO
COEXISTENCE IF SO HOW LONG HOW
DO YOU SEE THAT PLAYING OUT.
>> TWO CAN COEXISTENCE WE HAVE
TOO HAVE STOCK PRICES, THEY --
THEY DON'T HAVE TO MOVE IN
CONTRAVENTION IN CONVENTION
BUT CAN DO BOTH OVER DIFFERENT
PERIODS OF TIME, NOT UNUSUAL
TO SEE INTEREST RATES RISE
STOCK PRICES TO GO HIGHER WE
ARE IN THAT ENVIRONMENT, THE
ECONOMY IS DOING WELL, AND
THAT IS GOING TO DRIVE
INTEREST RATES HIGHER FOR THE
-- FOR THE NEXT SEVERAL YEARS
I THINK, WE MAY WELL SEE STOCK
PRICES CONTINUE, IT IS
SHOCKING SURPRISES PEOPLE
SURPRISED ME EVERY TIME YOU
IT GOES RIGHT IN YOUR FACE
CONTINUES TO GO UP.
THE 10-YEAR YIELD CROSSED
2 1/22.6 PERCENT WAS BUYING
OPPORTUNITY IN TREASURY SINCE
2008, BUT HOW HIGH IS TOO HIGH
GIVE US A NUMBER.
ON THE 10-YEAR YIELD WHERE
THAT WOULD BE A NEGATIVE FOR
THE STOCK MARKET.
>> I THINK DAGEN FIRST OF ALL,
I LOOK FORWARD TO MY BELOVED
NC STATE PLAYING YOUR BELOVED
WANING FOREST IN THE NOT TOO
DISANT FUTURE ONCE ABOVE
3 1/2% ON 10 YEAR WILL MAKE
THINGS FAR MORE TEN OWOUS
DANGEROUS CAN WE TAKE 10 YEAR
203 1/2% NEXT TWO OR AT LEAST
YEARS, OF COURSE, WE CAN, YOU
HAVE TO REMEMBER I CAN
REMEMBER TRADING THE BOND
MARKET LONG BOND 14 AND A
MARIA: 3 1/2%, IN THE NEXT
THREE, THREE YEARS, I MEAN
DOES THE FED BLOW IT THIS
UPCOMING YEAR TALKING ABOUT
FOUR INTEREST RATE HIKES
TALKING ABOUT UNWINDING
BALANCE SHEET 50 BILLION
DOLLARS A MONTH, CAN THEY SNAP
THIS RECOVERY RIGHT IN ITS
TRACKS AND BECAUSE STOCKS TO
FOLLOW AN ECONOMY?
>> MARIA THEY WILL IF THEY
ALLOW YIELD KIFSH TO MOVE IN
INVERSION OVERNIGHT FED FUNDS
RATE ABOVE THE TWO YEAR IF
THEY ALLOW OVERNIGHT FED FUNDS
RATE TO 5 AND 10 HOPE THE FED
HAS LEARNED A LESSONS OF THE
PAST WHEN IT ALLOWS THE -- THE
YIELD CURVE TO MOVER TO
INVERSION THAT RECESSIONS
FOLLOW BEAR MARKETS ARE HARD
UPON LET'S HOPE THEY LENDER
THAT LESSON WE DON'T SEE
INVERTED YIELD CURVE I DON'T
THINK THIS IS A GOING TO
HAPPEN.
MARIA: SOUNDS LIKE YOU WOULD
PUT NEW MONEY TO WORK IN THIS
MARKETS RIGHT HERE.
>> NO WHAT I WILL TELL YOU ANY
TWO OR 300 POINT BREAK AFTER
-- ON SLOW VOLUME ON LESSER
VOLUME THAT TAKES A PROING
TRACTED TWO OR THREEIES TO
EVOLVE I WOULD WOULD I BUY
STOCKS THIS MORNING NOT WITH
MY MONEY NOT WITH YOURS STILL
A BULL CLINTO
A BUL O
A BUL
A BULL
A BULL MA
A BULL MARK
A BULL MARKET WAIT
A BULL MARKET WAIT F
A BULL MARKET WAIT FOR
CORRECTIONS WAIT TILL YOU SEE
ONE VOLUME LESS THAN IT HAS
BEEN THEN A BUYER WOULD I BUY
THIS MORNING NO, NOT AT ALL.
>>.
>> YEAH, ONE HAS TO GEN WHAT
ENERGY ONE WANTS TO BE
INVOLVED IN WOULD I BUY A
DRILLER NO A REFINER PROBABLY,
WOULD I BUY NATURAL GAS
A BLOOIFR OF ENERGY TAKE A
LOOK AT TRUSTS YIELDS
12R50RDLY HI 62, 63 DOLLARS,