WHY, BUT THEY ARE ALSO ON THE
MOVE.
>>> LET ME GET ON THE FLOOR
SHOW.
WE ADDED A BUNCH OF VOICES TO
THIS.
WE HAVE TRADERS AT THE NEW YORK
STOCK EXCHANGE AND THE CME.
CHARLIE GASPARINO IS BACK AND WE
ALSO HAVE JORDAN KIMMEL WITH US.
JORDAN, GIVE ME FIRST YOUR
ASSESSMENT OF WHY, WHY WE ARE
CONTINUING TO SEE SUCH MASSIVE
CHOP THIS WEEK AND LAST WEEK.
>> WELL, YOU KNOW, I DON'T THINK
IT'S REALLY PEOPLE TRADING RIGHT
NOW.
WHAT I THINK IT IS, IT'S
COMPUTERS TRADING AGAINST
COMPUTERS AND THAT'S WHAT KIND
OF SCARES ME.
WHAT I THINK HAPPENS IS, YOU
KNOW, YOU SHOULD ACTUALLY SEE
SOME VALUE IN THINGS AS PRICES
GO LOWER.
MOVING AVERAGE TRADES ARE SET
UP.
THE CHEAPEST SOMETHING GETS, THE
MORE THE MACHINES WANT TO SELL
IT.
IF YOU REMEMBER '87 THEY
COULDN'T GET THE MACHINES TO
STOP.
WE'RE AT DECENT VALUATION, BUT
THE FACT IS THE MARKET LOOKS
MORE DANGEROUS THAN IT LOOKED
WHEN IT WAS PEAKING.
IT'S ABSOLUTELY SCARY RIGHT NOW.
LIZ: I GET A LITTLE WEIRDED OUT
WHEN PEOPLE BRING UP THE ALGOS.
HUMANS HAVE TO INPUT THE
INFORMATION, DON'T THEY?
BUT THAT SAID, MAYBE, YOU KNOW,
JORDAN HAS A POINT HERE THAT
THEY MAY HAVE THE SELL BUTTON
READY BUT THEY DON'T HAVE THE
BUY BUTTON WHEN THEY START TO
SEE REAL VALUE.
ARE YOU SEEING ANY PICKUP, ANY
SORT OF BOTTOM FEEDING HERE?
>> THERE MIGHT BE A LITTLE BIT.
I ALSO THINK THAT, YOU KNOW,
WE'RE TWO WEEKS FROM THE END OF
THE YEAR AND YOU'RE JUST NOT
GOING TO SEE A TREMENDOUS AMOUNT
OF NEW MONEY MAKING SERIOUS
COMMITMENTS ON THE BUY SIDE.
I THINK A LOT OF BIG MANAGERS
AND EVEN HEDGE FUNDS ARE SAYING
OKAY, LOOK, THIS YEAR IS WHAT IT
IS, I'M JUST NOT GOING TO MAKE A
BIG COMMITMENT UNTIL WE GET INTO
JANUARY, UNTIL ONE OR TWO OF
THESE MULTIPLE POINTS OF U
UNCERTAINTY CLEARS THE AIR A
LITTLE BIT.
NOW, THAT BEING SAID, WE COULD
EASILY GET A LITTLE BIT OF A
TRADING RALLY NEXT WEEK, MAYBE,
IF THE FED DOESN'T HIKE OR IF
THEY COME OUT WITH WHAT SOME
PEOPLE WOULD CALL A DOVISH
INTEREST RATE HIKE, WHERE THEY
HIKE, MAKE STATEMENTS GIVING YOU
THE IMPRESSION THEY'RE PROBABLY
GOING TO TAKE A PAUSE THE NEXT
COUPLE OF MEETINGS.
SO -- BUT THAT WOULD BE IT.
THAT WOULD BE A TRADING RALLY.
THAT WOULD LIKELY BE CAUSED BY
THE SELLERS THAT HAVE BEEN
LEANING ON THE MARKET VERY
HEAVILY FOR THE LAST THREE WEEKS
TAKING A WALK ON THE SELL SIDE
AND HAVING VERY LITTLE SUPPLY,
IF STOCKS GOT ANY MOMENTUM ON
THE WAY UP AT ALL.
>> POINTING TO ME?
LIZ: OH, MY GOD.
TALK.
>> WE JUST DO THIS.
LIZ: WHEN I DON'T WANT HIM TO
TALK, HE TALKS.
WHEN I WANT HIM TO TALK, I'M
LIKE -- ARE YOU TALKING TO ME?
>> WHERE SHOULD I BEGIN?
I AGREE WITH YOUR LAST GUEST BUT
IN THIS -- FOR THIS REASON.
THERE'S TOO MANY QUESTION MARKS,
UNCERTAINTY AROUND THIS MARKET
NOW.
IF YOU ARE A MONEY MANAGER, TO
BE MAKING A BIG BET.
WE DON'T KNOW WHAT'S HAPPENING
WITH TRADE.
IT MAY TURN POSITIVE.
WE DON'T KNOW WHAT'S HAPPENING
WITH INTEREST RATES.
HE MAY HAVE TO RAISE AND BY THE
WAY, I DON'T KNOW, SOME OF THE
POSITIVE STUFF THAT POWELL HAS
SAID I'M NOT RAISING IN THE
FUTURE IS ALREADY KIND OF PRICED
IN THIS.
SO I DON'T KNOW WHY YOU PUT YOUR
MONEY TO WORK NOW IF YOU ARE A
BIG MONEY MANAGER.
I WILL SAY THIS.
IT KIND OF REMINDS ME OF THE
SENTIMENT THAT WAS GOING INTO
THE FINANCIAL CRISIS IN DECEMBER
2007.
EVERYBODY THOUGHT HEY, IT WAS
THE MARKET'S GOING TO COME BACK,
THE FED'S GOING TO LOWER RATES
AND THE DOW WAS PUSHED UP OR I
SHOULD SAY AROUND OCTOBER,
NOVEMBER.
DOW WAS PUSHED UP TO THEN
HISTORIC HIGH, AT 14,000.
THEN YOU KNOW WHAT HAPPENED
NEXT.
THE MARKETS ARE OFTEN WRONG IN
THE SHORT TERM AND MAYBE WE'RE
JUST SEEING A MARKET THAT'S
LOOKING AT EVERYTHING NEGATIVELY
JUST BECAUSE OF THE WAY THE
SENTIMENT IS, AND YOU KNOW,
CORPORATE EARNINGS NEXT YEAR
MIGHT SURPRISE.
IF IT PULLS BACK A LITTLE BIT,
THE TRADE THING ISN'T SO BAD,
GUESS WHAT --
LIZ: WAIT, HOLD ON.
JUST AS TIM SAID HE'S STARTING
TO SEE A LITTLE BIT OF BOTTOM
FEEDING, MEANING PEOPLE ARE
PICKING UP DEALS, WE ARE DOWN
492.
THAT'S AN UGLY NUMBER IN AND OF
ITSELF BUT WE HAVE BEEN DOWN
558.
I WANT TO POINT OUT THE U.S.
DOLLAR, THIS HAD BEEN A SLIGHT
PROBLEM BECAUSE IT WAS GETTING
VERY STRONG TODAY.
I BELIEVE IT HAD HIT ABOUT A
NEARLY TWO-YEAR HIGH FROM THE
PREVIOUS WEEK BUT NOW THE
COMMODITIES FUTURES TRADING
COMMISSION IS SAYING U.S. DOLLAR
NET LONG BETS, MEANING THE
BULLISH BETS ON THE DOLLAR, HAVE
JUST PULLED BACK AFTER A NEARLY
TWO-YEAR HIGH IN THE PREVIOUS
WEEK.
I THINK THAT'S INTERESTING,
JORDAN.
>> YOU KNOW, I HAVE TO TALK
ABOUT WHAT CHARLIE SAID HERE.
WHAT HAPPENS IS YOU PAY A DEAR
PRICE FOR A ROSY SCENARIO.
YOU KNOW WHAT HAPPENS IS WHEN
THINGS ARE UNCERTAIN, PEOPLE ARE
AFRAID.
YOU HAVE TO BUY FEAR.
IF YOU ARE ONLY BUYING WHEN
THERE'S NO UNCERTAINTY AND
EVERYTHING LOOKS GREAT, YOU ARE
PAYING A HIGH PRICE.
LIZ: OKAY.
HOLD ON.
GERRI WILLIS, WHAT HAVE YOU GOT
HERE?
GERRI: I HAVE TO TELL YOU, THE
LAGGARDS AND LEADERS TELL YOU
EVERYTHING YOU NEED TO KNOW
ABOUT WHAT'S GOING ON IN THIS
MARKET TODAY.
TAKE A LOOK AT THE LEADERS.
PROCTER & GAMBLE, CONSUMER NO
NONDISCRETIONARY ALL WEEK LONG.
PEOPLE TALK ABOUT A FLIGHT TO
SAFETY.
CATERPILLAR UP AS WELL, THAT'S
INTERESTING.
IT SEEMS TO SUGGEST FEWER TRADE
WORRIES.
DON'T KNOW.
BUT
>> LOOK AT THE LAGGARDS.
J&J IS STORIED STOCK.
MOST SINCE JULY 2002.
BECAUSE OF A REUTERS STORY.
BECAUSE THE CONSUMER PRODUCT
GIANT KNEW ITS TALCUM POWDER
CONTAINED ASBESTOS WHICH IS A
CANCER-PRODUCING AGENT.
BIG ISSUES.
THERE BRINGING REST OF THE
MARKET DOWN WITH IT.
J&J SAYS IT IS AN ABSURD
CONSPIRACY WHAT REUTERS SAYS.
BACK TO YOU, LIZ.
LIZ: IRA EPSTEIN, WHAT IS THE
ONE THING YOU WILL LOOK AT IN
THE FINAL MINUTES OF TRADE HOW
MONDAY OPENS?
>> IF MARKET OPENS WITH STRONGER
MONDAY, I WOULD LIKE THE MARKET
GET SOME SHORT-COVERING WHAT I
WOULD LIKE TO SEE.
ALGOs DEPRESSING IT WOULD STEP
AWAY BUT THIS IS A FREE FALL.
LIZ: S&P DOWN 47.
PHIL FLYNN, OIL CERTAINLY
DRAGGED DOWN THE ENTIRE ENERGY
SECTOR TODAY.
>> REALLY HAS HAS.
CONCERNS ABOUT GROWTH AN
STRONGER DOLLAR.
AS BAD AS IT LOOKED TODAY WE'VE
BEEN IN THE TRADING RANGE, SINCE
BASICALLY THANK GIVING, WHEN
PRICES BASICALLY COLLAPSE.
OIL PRICES, THEY'RE HANGING
EARLIER ON THE EDGE.
A VERY IMPORTANT PART.
A LOT WILL HAVE TO DO WITH THE
FED NEXT WEEK.
HOLDING WHERE WE ARE RIGHT YOU
NO, REALLY BODES WELL GOING INTO
NEXT WEEK.
LIZ: THE FED IS GOING TO, MAKE
THE PREDICTION, ACT HAWKISH,
MEANING THEY WILL RAISE RATES
BUT TALK DOVISH.
JORDAN, YOU HAVE 20 SECONDS
HERE.
GIVE ME A ONE-YEAR DOW.
TESTING FEBRUARY LOWS AT THE
MOMENT.
DOW OR S&P.
JORDAN?
>> I DON'T THINK WE'RE MUCH
HIGHER NEXT YEAR.
IT'S A STRUGGLE.
A LOT OF VOLATILITY.
BE PATIENT AND NOT LOSE YOUR
HEAD.
CAN'T TRADE WITH EMOTION.
THE MARKET CAN'T GO UP ALL THE
TIME.
WOULDN'T BE REALISTIC.
WE HAVE BEEN FIGHTING TO STAY
EVEN THIS YEAR.
LIZ: THAT FROM A BULL, CHARLIE.
>> I THINK BASED ON STUFF OUT OF
OUR HANDS RIGHT NOW, IN
PRESIDENT TRUMP'S HANDS, TRADE
AND PRESIDENT TRUMP'S HAND.
FED LAYS OFF, WE GET A DECENT
TRADE BILL.
WHAT IS STOPPING THE MARKET FROM