charles chart. the horn on the table, now, what kind of photograph is this, yes, it was dad who took pictures of us at sea in the summer, come on, horn, are you a doctor? did you call? i called, they're there all the time busy. what number? i'll call. written down on a piece of paper. and you are a mother? will you look after? yes, that is, no, that is, i’m not a mother, i’m a nurse from a children’s clinic. this is good, i will take care of you, then i will ask you, after 3 hours, be sure to repeat the injection, i leave the ampoule, carefully monitor your condition, if there is a deterioration, call immediately, we will hospitalize you, and if the crisis passes, you will immediately see it, the temperature will drop , okay, well... i need to sleep, i need to sleep, i need to sleep, my dear, good, what is it, some water for you, thirsty, thirsty. this is good, you see, the forehead is wet, not so hot, which means the temperature has dropped. “i think this is the first time i’ve seen you without a r

charles: this is the chart i start the show with. this is one week.hese small caps was supposed to rule. small cap walls supposed to rule and i don't -- what does it take? do you ride the winners? is there a lesson here riding the winners until they become losers? because of the guessing game when to get oaf these things seems to fail all the time. >> 100%. we have to understand what economic regime we're in, financial market regime we're in. we're in a regime that favors large cap growth over small cap value. charles: what would change that? need to go into something from a hard landing to no landing in the data standpoint. we're not seeing that in the data. charles: this jobs report to you, does it back a soft landing? >> both the jobs report and december ism services pmi came out shortly after the jobs report both support that soft landing scenario. charles: did it get a little bumpy for you? for instance, ism services 43 unemployment. massive contraction. 680,000 fewer people in the labor force. 600,000 fewer people working. it's a bumpy ride. i'm

charles: trying to figure out the peak. i have a chart here on bull markets with the calendar.2. we're a little bit slightly above your median 464 days. >> okay. charles: but we've been significantly higher, right? the average is 991 days. so theoretically this market can go a lot further particularly if we get broader participation? >> see i think, the definitions around bull markets are squishy at the -- to be generous, right. charles: right. >> i think really what you're looking at is 14, 15 year bull market with a pandemic in the middle. went straight down, straight up the next day and nothing ever changed. one of the things you look at for signs you're late in the bull market. people are more bullish. people are allocating more. valuations are higher. more speculation in markets. all those things you're seeing in some parts of market and some of the parts of market you aren't. i'm saying this is time. we've seen this movie before. every couple decades the market decides one group of stocks are so good, so dominant you should pay any price for and what that does not only se

charles: we have the break out here. put up the s&p chart. we made a huge breakout here.aybe getting a little overbought on the rsi. if we do pull back, is there a number on the downside you like to see hold, maybe 4600, something like that? >> there are definitely different measures to mark different levels of support, if i recall i was back here on set in october calling for the year-end rally and we got it in a meaningful way. we saw different breadth thrusts firing at certain point. in december, 90% of the s&p trading above its 50-day moving average. these are very bullish indicators more often than not your success rate is in the '90s, returns are double digits. i don't necessarily see much of a pullback. charles: right. >> bespoke put a great chart out last 24 hours we have not had a 2% pullback on the s&p in months. so i don't see any near term risks that is causing a five, 10% move down. i'm looking more at upside risks. charles: before i let you go we talked a little bit about some downside risk and the fed policy error stands out. red sea, china economy deterior

charles: let me stick with apple for a moment. i pulled up a chart for the audience.ook at apple t made a huge move last summer. it pulled back. mate another move. this is what we call a double chart. so easy to identify in charts. for me the easiest chart formation. it worked so well. that's what double tops do. we're right on the cusp of a 200-day moving average. are you concerned another pullback this thing could go down a whole lot more, no? >> it could. right now it is sitting on the 200, the longer term trend line. it is sitting there. to your point if it doesn't hold there will be another leg down. in my view that will really be the time people should be jumping in because i think that will be a underreaction of once it breaks the trend line. i don't think it says anything about apple going forward. month of the news these analysts put out is new news. the weakness in i 15 sales for what it means for i-16 sales. china can't use the phones. that stuff is baloney. apple does nothing but print money. i think a pullback is a great opportunity. charles: they buy a b

. >> i see here you're learning how to read charts? >> yes. charles: you like options. >> yes i do.ave rules with options. >> yes, yes you do. i made mistakes. charles: sure we all do. we all do. >> but it is really amazing the income that you can make from existing stocks that you own and, they're not doing anything but you can turn around do a covered call on this and -- charles: options are absolutely wonderful. again, there is a learning curve to them. i'm glad you emabrasion embraced them. >> thank you very much. charles: elizabeth rose steele. thank you very much. you said you panicked when covid crashed the market. >> yes. charles: what happened? >> the was tumbling. i didn't know what to do with my portfolio. that is when i decided needed to start searching learn how to invest. charles: are you feeling more confident? >> yes. i'm taking control of my own account. it has been wonderful. charles: yeah. of course, jim, jim was a, jim, was in the u.s. air force. >> yes, sir. charles: we have that in common. both air force. we didn't serve at same time. i missed jim by about -- a

. >> i see here you're learning how to read charts? >> yes. charles: you like options. >> yes i do.with options. >> yes, yes you do. i made mistakes. charles: sure we all do. we all do. >> but it is really amazing the income that you can make from existing stocks that you own and, they're not doing anything but you can turn around do a covered call on this and -- charles: options are absolutely wonderful. again, there is a learning curve to them. i'm glad you emabrasion embraced them. >> thank you very much. charles: elizabeth rose steele. thank you very much. you said you panicked when covid crashed the market. >> yes. charles: what happened? >> the was tumbling. i didn't know what to do with my portfolio. that is when i decided needed to start searching learn how to invest. charles: are you feeling more confident? >> yes. i'm taking control of my own account. it has been wonderful. charles: yeah. of course, jim, jim was a, jim, was in the u.s. air force. >> yes, sir. charles: we have that in common. both air force. we didn't serve at same time. i missed jim by about -- a little bi

. >> i see here you're learning how to read charts? >> yes. charles: you like options. >> yes i do. yes, yes you do. i made mistakes. charles: sure we all do. we all do. >> but it is really amazing the income that you can make from existing stocks that you own and, they're not doing anything but you can turn around do a covered call on this and -- charles: options are absolutely wonderful. again, there is a learning curve to them. i'm glad you emabrasion embraced them. >> thank you very much. charles: elizabeth rose steele. thank you very much. you said you panicked when covid crashed the market. >> yes. charles: what happened? >> the was tumbling. i didn't know what to do with my portfolio. that is when i decided needed to start searching learn how to invest. charles: are you feeling more confident? >> yes. i'm taking control of my own account. it has been wonderful. charles: yeah. of course, jim, jim was a, jim, was in the u.s. air force. >> yes, sir. charles: we have that in common. both air force. we didn't serve at same time. i missed jim by about -- a little bit. a little bit,

when you see that chart going up to the right, bitcoin's getting stronger -- charles: and that's partal value proposition, not just, hey, it's anti fiat currency. that that puts some meat on the fundamental bone. >> yeah, people have gone, they've bought computers, they're turning power into money, and the more power, the more computing power that's on that network, the stronger it is, the harder it is to hack. just like gold, right, the more that the you can physically touch the gold, the more it's in your possession. same thing here. the network is being protected by that computing power. you want to continue to see that go up and to the right for as much as a it can. charles: stock market's looking phenomenal. a big run in a lot of things. commodities may be coming on. are you feeling okay overall? are you one of these people that getting a -- gets a little antsy when things are too good? >> i think it's interesting, if you look at global liquidity, that's really the driver here. we've seen it showing a number of different signs that we are going to see much more money sloshing aro

charles: i have senates dak chart up. one thing stands out to go me a huge, huge gap around 1380. like a potential pullback point, fill that gap, if it holds you start to look there? >> the first thing i'm watching is the december 20th low. if that's taken out and then, we go towards the 50-day moving average. i think at the 50-day it may be a pretty darn good buy. i'm not sure the number offhand right here but that's what i'm going to be looking for. i suspect we may get there in the next two, three weeks, meaning we'll not come all the way down. the 50-day will keep moving up. price will meet it. we'll take some stabs but not here. it may coincide earnings that come out in three weeks. charles: it always happens that way. tech we'll put that on the shelf right now. year-to-date, less than 48 hours, year-to-date what winners look like, everything that was up last year ilk concluding technology, getting hammered and vice versa. you're making a move in some areas. you're spying drugs staples. what positions are you taking? >> for your viewers there has been a definitive move out of

charles: 10-year yield, i put up a chart for the 10-year yield.think is the key resistant number. >> oak. charles: yesterday we had gary kaltbaum, not gary kaltbaum, one of the guests saying 5% or more. you said this was going to happen? >> i mean i think 5% especially with a fed that wants to be more accommodative of the market that's a stretch. but again as conditions tighten, as banks tightening lending standards as we've seen that could be another issue as well. charles: okay, now you've been telling everyone, you've been worried about things. you've been saying hide out in gold? >> right. charles: gold for the most point was going sideways for a long time. it is taking off like a rocket. breaking key resistance points. is it too heat to be overweight isn't. >> it is not too late. gold would be a bridge asset. saudi arabia joining the u.a.e. gold is never too late if you think you're in the middle of a transitionary year. i think globally there will be transitions. charles: amazing year of things happening? your mind? >> gold is never bad as a

charles: you brought up "the magnificent seven." i've got a chart here for the audience.is is the "magnificent seven" versus the russell 2000. essentially it is more than four times, more than 400% the russell 2000, just those seven names. is there any point, shah, when it becomes a value proposition argument for these small cap names? >> absolutely. i think that point will be, charles, when we get to a recession, if we get a soft landing recession. i think we'll see the dust come off the russell for example. probably, you know, when we start to see a soft landing if that's what we get. those stocks will take a hit. that's good time to start looking for them. there is plenty of great value propositions in the russell. charles: by the way almost everyone on the street loves bonds right now. you're saying be careful. you just articulated why i think. you don't see six rate cuts. i'm pointing out to the audience. you know what? we got under 4% on the tnx, 10-year yield, it feels like we're going back up. if we get above 4.1%, does 5.0, do we start talking about 5% yields any

charles: when you say consolidation, do you use charts at all?do you measure that? >> we used what was called the hc model, and it's clearly positive. so the trend is clearly up. and and as long as that trend stays up, we'll continue to buy on pullbacks. and we say pullbacks, when i'm saying frothy, we may get a 2, 4, 5% pullback, but that's normal. that's the market doing its thing. that's not going to scare us. and this is a lot of opportunity out there, charles. i think this market's starting to broaden out for the first e time. the last quarter of last year you saw small caps start to move, that's a very, very nice situation to be in as the market's starting to move away from the magnificent seven and starting to go into other areas of the market. charles: i want to get to that in a second, but let me ask you first about the federal reserve because everything seems to be predicated on the federal reserve. this leg are up courtesy of a victory lap in late october by jay powell. how many rate cuts are you expecting, and how does that inform whe

but when you look at this on a chart, when you look at charles schwab in particular, if you go back tohe regional bank collapse happened, it still has not made it back to that level that's troubling for me. that told me that the only ones that you should be buying are big banks, because they're the ones during a crisis, like a jpmorgan, who are going to gobble up all the little ones. so, yes, you can make money trading these. i think you're better off suited to be with a name like jpmorgan. >> i sort of find it intrigues th they are some what of a different business, i think of them closer to morgan stanley, without the investment banking and trading. so, i'm kind of intrigued. i think if they are through this cash sorting and it does seem like they are, i think it's interesting. i'm curious what happened from where it happened and traded down terribly to the end of the day. i have to go listen to the call. something happened >> all right, we'll take a break here, when we come back, we'll do some final trades only sleep number smart beds let you each choose your individual firmness and

that is the wisdom of the charts. >> we'll see you soon, thanks. chris for owens, strategist.arles swab kevin gordon breaking down how he's navigating the trading environment. will join me post nine, closing bell icongig bk.s mi rhtac all right, sheila, are you throwing a dress like a dad party, a birthday brunch, or a vow renewal for your dogs? yes! the right drinks delivered for any party. drizly. >> i defend it right to do bitcoin. my personal advices, don't get involved. but i don't want to tell anybody what to do. it is a free country. >> he's automated intelligence to design a coke, drink coke variant. it is about, and can we hear turn quite is -- >>> stocks and the green across the board. the dow and s&p hitting new all-time highs today. the big week of economic value here including gdp, trying to be a post-night to discuss, kevin gordon of charles schwab. thanks for being. back >> hey, scott, good to see you. >> back above 38, thousand above 30,000 for the first time ever but we fluctuated but we are still sitting there. for someone who has been cautious for a while, i

charles: right. >> the mag seven went into their earnings recession first.st stocks that were down 40%, right? they came off hard in 22. they're now the first ones out but if you look at the earnings forecast for the back half of this year, it is almost the inverse of that chart. it is the rest of the market broading out. the recession everyone predicted doesn't happen, the cyclicals, you saw cleveland cliffs today as an example. gm, those stocks -- charles: amazing earnings report. >> those stocks will start to perform now. they are beaten down. gm trading at five times. cleveland cliffs single digits. the small cap stocks are still 22% off their previous highs. the broader market now as you know broken out early january. charles: this is the greatest difference between those two i think in history. i got a minute to go. what about an exogenous event? in other words, we see the geopolitical things heating up. i'm not even saying necessarily tongue-in-cheek but world war iii has been trending all day long on social media. >> yeah. charles: stories of world w

can we put up a bitcoin chart inter-day. look at live trading of bitcoin and a moment ago, they post that had ark invest and multiple other companies applied for spot coin etfs and all breaking and now listed as ready to trade starting tomorrow and include asset managers from nvesco and franklin investments and fidelity. on the list and on the website, we've got the website, charles was just showing a bit of an older version and basically what the website is showing you, folks, these are new listings approved to begin trade and see there on january 11, which is tomorrow and ark 21 is the first on the list. that's cathy woods and no official word from the securities and exchange commission and hilt aidoo prove button any minute now and we're here in cbs in las vegas and he&we want you to stand by and cathy wood is about to join us in her first interview since this breaking news that there's been an approval for at least the placebo and chicago board options exchange to trade this new spot coin etf and she's joining us in a se

folks i used this chart yesterday because it shows contributions to the s&p 500.ypically the market goes up on p-e ratio, dividends, earnings per share, total return, total return up or down. last year it was what they call multiple expansion, almost all of it. scenario one, dan, you say up 20% this year. 10% would be earnings. the other 10% would be again, more multiple expansion. would that be a soft landing? >> yeah. because i think every recession, charles, starts off as a soft landing right? you go from really strong growth, in this case gdp that just got reported at 3%, was 5% the quarter before. the next quarter, should be down one to 2% range. so if you believe that is where it stops, it is a soft landing in that case the market goes up. if it slows down you end up in the recession scenario. what people discount the first half of the year is a soft landing. you throw on top of it rate cuts, i think will start in march because jay powell would love to be the first guy since 1995 to raise rates and not drive the economy into recession. he is going to preempt

king charles starts now. >> going in, going in. >> oh, yeah! 2024 is here. this is our first show of the year. we're glad to be back. we know you all really watched it. we're ready to chart the new year off right. >> i say here's to more in 2024. it just caught me. you said i love karaoke. do you do karaoke? >> i do. i do frank sinatra. >> what is his song that you do? >> i do new york, new york and apply way. i've been doing king brown. >> i love him. >> i've been doing heaven my last appearances. i'm a big king brown fan. i love karaoke. >> do you care to share with the class? >> nobody does karaoke sober. >> listen, i do karaoke sober if i do it. i have a terrible voice but i love karaoke. i say here's to more in 2024. i don't have any new years resolutions. do you have one? >> you know i'm trying to give up diet coke. >> how many diet coax have you had in the last hour? number one, how many diet cokes do you drink in a day? >> 15 to 20. i'm trying. i'm not a addict. >> 15 to 20 a day? >> yeah. i've only had, since we got here at 3:00, i've only had like

that is a good description of the caning of charles sumner.t was a nation-changing event in some ways, i would say. when preston brooks, a south carolinian, came in -- i should set the stage. in 1856, charles sumner had delivered a speech he called "the crime against kansas." in that speech, he denounced the senators and representatives particularly senators who had supported passage of the kansas nebraska act two years earlier. the reason he did mounts to him was because the kansas nebraska act had opened up the possibility for slavery to move into western territories. charles sumner of massachusetts was, in the senate, the leading abolitionist hoping to abolish the institution of slavery. he saw passage of the kansas nebraska act as another great crimes in our national history. so in may 19 1856, he comes to the senate chamber and over the course of two days delivers a speech that lasts about five or six hours. it is a really radical speech for the time. it is very strong in its language. it has lots of sexual innuendo in it. he declared sla

that is a good description of the caning of charles sumner.was a nation-changing event, in some ways, i would say. when preston brooks, a south carolinian, came in -- i should set the stage. in 1856, charles sumner had delivered a speech he called "the crime against kansas." in that speech, he denounced the senators and representatives, particularly senators who had supported passage of the kansas nebraska act two years earlier. the reason he did mounts to him was because the kansas nebraska act had oped up the possibility for slavery to move into western territories. charles sumner of massachusetts was, in the senate, the leading abolitionist hoping to abolish the institution of slavery. he saw passage of the kansas nebraska act as another great crimes in our national history. so in may 19, 1856, he comes to the senate chamber and over the course of two days delivers a speech that lasts about five or six hours. it is a really radical speech for the time. it is very strong in its language. it has lots of sexual innuendo in it. he declared slav

that is a good description of the caning of charles sumner.t was a nation-changing event, in some ways, i would say. when preston brooks, a south carolinian, came in -- i should set the stage. in 1856, charles sumner had delivered a speech he called "the crime against kansas." in that speech, he denounced the senators and representatives, particularly senators who had supported passage of the kansas nebraska act two years earlier. the reason he did mounts to him was because the kansas nebraska act had opened up the possibility for slavery to move into western territories. charles sumner of massachusetts was, in the senate, the leading abolitionist hoping to abolish the institution of slavery. he saw passage of the kansas nebraska act as another great crimes in our national history. so in may 19, 1856, he comes to the senate chamber and over the course of two days delivers a speech that lasts about five or six hours. it is a really radical speech for the time. it is very strong in its language. it has lots of sexual innuendo in it. he declared

charl! every day can be extraordinary with rich, creamy, delicious fage total yogurt.planning the big trip you were limping thanks to a bad knee. then, you heard about mako robotic-assisted knee replacement. it starts with a ct scan to pinpoint the problem. that becomes a personalized, 3d plan to guide your doctor during surgery. mako can help lead to better outcomes, like less pain and shorter recovery times. the lifetime of a knee implant is limited, and revision surgery may be required. individual results and recovery times vary. risks of surgery include pain, infection, heart attack, stroke, death, and other serious risks. ask your doctor for important safety information. [camera shutter] to find a doctor who uses mako visit makocan.com you may know adam schiff's work to protect the rule of law, to find a doctor who uses mako or to build affordable housing, or write california's patients bill of rights. but i know adam through the big brother program. we've been brothers since i was seven. he stood by my side as i graduated from yale, and i stood by his side when h

we have a chart the amount of money the federal government needs to raise.s is notes and bonds not bills which they have been using. the reason bills have to be talked about because they're more expensive. they pay them out quickly. they have to sell them again. look at those numbers. that spike is higher than the covid spending. so to steve's point the fed can try what it can but it might lose control of this thing because of how much money -- if no one buys treasury bonds that means they have to hike up the yield. >> this is the problem that the fed has and also that our government has. we obviously have gone crazy on debt. the debt ceiling was raised after a lot of brouhaha last year. we are now at $32 trillion. jackie: charles: went from 33 to 34 in blink of an eye. >> instantly. less than a year with all the costs in. you're right the short part of the curve requires additional auction and additional logistics and spending w very $34 trillion of debt which i believe will be 35 to 36 by the end of the year. the debt ceiling is still not there. it has bee