forward-thinking enterprises, deserve forward-thinking solutions. and that's what we deliver. so bounce forward, with comcast business. caroline: from bloomberg's world headquarters in new york. romaine: let's get you caught up on where financial markets ended on the day. stocks pulling back from those record highs. rotations continue. caroline: today's pause and equities may be a good way to think about the market. a recent survey found that fund managers overseeing $520 billion are the most bullish they have

been this year. atcoin racing ahead, sitting a price level we have not seen since nearly three years ago. but, maybe investors taking a pause is the right thing to do. sales u.s. retail reminding us that another round of stimulus has not yet been passed. sales gained. it is a tug-of-war between vaccine boom and virus gloom. joe: things are not great in the short term. in the long-term, the vaccine making people optimistic. a lot of this bullishness reflected in the bank of america monthly fund manager survey. this tends to happen. stocks go up, people get the list. this is the percentage of respondents that say they are overweight equities. 20e is a chart going back

years. half of respondents saying they are overweight. very bulledlearly up. this past year, so much residual skepticism, lockdowns, election risk. excuses to stay on the sidelines. one by one, those excuses have fallen. now, all of a sudden, everyone is bullish. like the lastems few times we reached this type of enthusiasm, everyone was going into the same stocks, the crowded trade of being long big tex. -- long big tech. u.s. tech stocks still the most

crowded trade by a mile. you are talking about the last survey here. this has basically been whittled down to a little over 60%. that may not seem like a huge change. there was basically a two-year stretch of these surveys, where it was by far the out performer. the idea that it is being pulled back a little bit. the small caps, the mid-caps, that might bode well for some of that bullishness if it is rotating instead of going back into the same old havens. caroline: if you look at the breadth across most of the market, it is mostly higher. i think what everyone is trying to parse their view on is what shape this economy is.

joe: still doing letters. v, w, u. is it a people are saying, we are getting a w here. retail numbers still showing growth but it is a slower pace of growth. back, u shape is where the change has got fewer -shapednow see u recovery. 20% of people still thinking a v-shaped recovery. i don't know what they are seeing. v-shaped but see still everyone is a bull. even though it is a minority view. romaine: i thought we were onto the square root recovery.

joe: it is kind of like the hurricanes. we have gone through the alphabet and we have to use greek letters now. romaine: one of the reasons that a lot of people talk about the v-shaped recovery is because of all that data when it comes to retail sales. we saw it rise again in recent months. however, the rate was a little bit slower. we will talk about that after the break. this is bloomberg. ♪

romaine: today, we are focused on the potential pause from investors from all the bullishness we have been seeing across financial markets. today, some interesting data. joe: it is impressive, retail sales on trend, back above where they work precrisis. we have seen a lowering of the pace. it is the green bars you really want to look at. retail sales on a month over month basis volatility's lowest level of growth in six months. extremely fast retail sales in the month privy -- in the month preceding that. it was below economist expectations, which suggests

that finally, after several months where economists work overly pessimistic, we are starting to get to the point where they may be starting to get overly optimistic. that is not something we necessarily want to see what the level is fairly depressed. caroline: especially without any fiscal deal. it is interesting when you step back and zoom out. 5.7% year on year increase. that is perhaps more than ever you would expect. joe: what you would think in the middle of a holiday. joining us, u.s. retail analyst at bloomberg intelligence. obviously, we got the macro number, not great, but still growth. we got a lot earnings from retail. home depot, walmart they are not seeing a lot of slowdown. numbers suggest

that there may be a slight slowdown. they are continuing to see the momentum build. october is the smallest month of the retail quarter. keep in mind that this year was a little different. rising in october. there is a lot of uncertain that kind of bled into the numbers. romaine: two things that are interesting, not only what people are buying, but also retailers adjusting. kohlard from coles -- from 's, while the forecast was not great, they are expecting a decent holiday season, because they are shifting to casual wear and other things. >> the categories that are working well, activewear as well

as some personal care. kohl's making the shift. activewear was about 20% of their business up until last year and they are moving out of two 30%. it is expected to continue through year end. caroline: digital is front and center. walmart not able to give any guidance for the full year. ising that is sticky, that here to stay. the numbersok at that come out every month, digital is about 16%. that number was just over 10% at the end of last year. there is going to be a meaningful increase in digital, even as we go past the pandemic as people have adjusted the way they shop.

joe: one of the things we saw during the first round of lockdowns in the spring the smaller retailers work forced to close due to regulation, and people wanted to make fewer retail trips in general. consolidating their purchasing at the big box retail stores. is that still a factor, in the current environment, people want to do one-stop shopping? >> people are still looking to consolidate their trips. we are seeing that in the traffic numbers, still down about 30%-40%. something we will see during the holidays as the cases are rising. we do think that curbside offset will help them some of that store weakness.

get ourd about, will we packages in time? they may prefer that pickup at the curb option. romaine: when we talk about curbside pickup and this whole omni channel push, there are some companies that have figured it out better than others. are there some retailers that just seem to have got the right and others on the list -- seem to have gotten it right and others who have to catch up. reported this morning and they said 30% of the volume has been done at the curb with being all online orders picked up at curbside. there has been a meaningful improvement and retailers who have implemented it i think have done a better job versus the

ones who are inside the mall and you have to wait for the orders at the curb. >> i would say the holiday season is upon us and black friday will look different than ever before. with a greater shift to online. it will be interesting to see how retailers pivot their deals. joe: thank you, poonam goyal of bloomberg intelligence. coming up, back in time. disney announced its deal for 20th century fox? or the last time bitcoin crossed 20,000? this is bloomberg. ♪

caroline: today, we are focused on the bullishness of the market and if investors need to take a pause. one asset class that has been quietly soaring, bitcoin. i remember in december of 2017, it is all we can talk about on a daily basis, how it was ramping higher. joe: not nearly the same level of interest. google searches for bitcoin not sis they were back then. we see the different crypto's all up. bitcoin very close to that all-time high of just over 19,000. other crypto's, still a long way

to go. ethereum, like a third of the way there. versus cryptocoin overall, getting close back to the old level. romaine: you know what else happened in december of 2017> ed sherine -- ed shereen's "perfect" topped the charts. joe: i remember you blasting that around the office. catherine, thank you for joining us. orthis a bitcoin rally crypto rally? >> it is not the funding. the perpetual premiums are still at a low. this is one of the greatest indicators that this is purely led by spot buyers of bitcoin.

you may say it is a little bit quiet. i hate to say the secret here. but most of the institutional buyers will be quiet until they are in their position. we have had huge volumes across the board, cross the exchanges. seeing lots of spot buying. one institutional player, ray dalio, tweeting out that he may be missing something but he does not see bitcoin as being an effective currency. other institutional investors getting and seeing in terms of a store of wealth that he is not yet seeing? >> if i had to pick a kickball team, it would be a tough decision. i think we are seeing significantly more institutional buy-in. the validation of this asset class.

for the first time ever, we have not only regulators, banks, key investors, but we also have congressmen and women aware of what bitcoin is. that a lot the idea of folks in this space work waiting for a little bit more of a green light to allow for broader financial vehicles to invest, do you think that could be on the horizon? >> we will see some changes over the next few months with the administration which will be possible changes inside the regulation. we can still build through it in a centralized manner in a global pandemic. bitcoin has been able to be resilient. joe: i want to go back to the seeming quietness within the media, public attention. from your perspective, looking at retail activity, how does the buying that you see compared to

late 2017? >> late 2017 was more of a panicked phone mode. since then, we have had another to gettingch has led people aware as to a two-way market. you were able to see a bearish period of time where people were able to build out majority for structure to handle this demand. we are now clasping the all-time i in market cap. otherexciting to see all-time highs even though we have not broken through that 20,000 mark. caroline: when you have players like paul tudor jones saying, i will commit one percent of my money into bitcoin, that level of demand is so outweighing what we are seeing with supply.

of price do we continue to see it push up at? do we continue to see it push past 20,000? >> it has been seven strong weeks since we were around the 10,000 mark. you are seeing the likes of paul tudor jones saying 1% where fidelity is often advising 5% or more. you are seeing both of these demands come into play. still, most of america and a lot of the world is still not in digital assets or aware of digital assets. there is still a heavy push on education and assets. you also have a sense of worldwide solidarity around this asset class. romaine: we have a chart that i think we showed by accident earlier which sort of shows you kind of the interest in people

clicking on stories about bitcoin, about the numbers of mentions of bitcoin and how that correlates to price. of7-2018, that has sort fallen off now. i'm curious, as more attention comes back into bitcoin, whether that will be positive. it seems that a lot of the stories written seemed to take a negative for skeptical stance about the future of bitcoin and crypto. been resonating with people. people are just bringing in the practical benefits of digital assets. we can trade them 24/7. we can access them on our homes. we can be in our home safe especially during lockdown. these are critical things we will have to learn about going forward. that is really where bitcoin

solidifies its place, being successful around the world and whatever conditions you need. we are seeing such supportive infrastructure, exchange networks allowing for institutional clients to move dollars instantly and free through platforms. opening up north carolina. you are still seeing these large steps being made towards grantor adoption as well as making sure that these use cases are fitting those in need. for 20, everyone went home thanksgiving and told the relatives to buy bitcoin, litecoin, and others. worried about you people not being able to gloat about their crypto gains around the thanksgiving table? >> less time talking to my aunts and uncles, more time being able

to focus on trading. certainly, some folks who have left their bid going under the couch looking for it now as the price continues to be important in the adoption factor. with the lockdown in new york, people will need more things to do inside their home. theirnly focusing on well-being and understanding digital assets is one that we are here to help with. caroline: what else to they need? if they can't gloat about their crypto, all they need is an ed sheeran #1. romaine: joe text me every morning with an update of where crypto prices are. joe: top of the spotify charts. ck pink" is where it is at for 2020. joe: that is what we will be talking about 2023, looking

back. romaine: is there a correlation chart we can do for that? caroline: my heart stings when you can have and sharon abba bitcoin all in one word. this is bloomberg. ♪

♪ i'm emily chang in san francisco and this is "bloomberg technology." coming up, the ultimate editor. bloomberg -- facebook ceo mark zuckerberg and twitter ceo jack dorsey get an air -- get an earful today. we will get the view from senator marsha blackburn who claims social media company employees