president trump's advisers think he will never concede the election and instead just keep contesting the results and we keep an eye on eta as landfall expected tomorrow and now you know the news for this wednesday, novemr 11 it is 5:00 a.m. in augusta, georgia and here is your top five at 5:00 can tech continue to bounce back investors placing big bets on big gains. futures turning green. and another vaccine developer says it is ready to release findings from its phase three trials could be just in time. hospitalizations and cases continue to surge. new york area starts to impose new lockdowns. in washington, team biden moving forward with its

transition naming a longtime democratic confidant as chief of staff. and the wait is officer as tas -- over as the masters tees off. this is "worldwide exchange. ♪ ♪ i'm all right be in worry about me, you got to give me a fight ♪ >> good morning, everybody, from wherever in the world did you may be watchings did you get the golf caddy shack reference there? i know it is early let's tee it right up and get to a check on the markets and your money. futures are mixed, but they are turning around at this hour, you mostly get the overnight trade, but nasdaq futures did just turn in the green. no new records yesterday, the dow do do dow down you a bit on wednesday.

did that break the new record high but it was a big day in many ways otherwise and maybe a big sigh of relief for many tech investors as the nasdaq bounced back after a tough beginning to the week. big gains on stocks that also had a tough start to the week. i just combined apple and amazon we'll call it amle here we go zoom, decrease could yocusign a rising as wreell. and oil and gas has been a star so far this week up more than 15% and did you know that puts oil and gas on pace for the best sector weekly performance going all the way back to 1989 that could have been a great rbi if we said, hey, with a joe biden administration likely, will oil and gas post its best week in, what, 30 years?

you would have said we're crazy. but that is exactly what has happened and the bond market is back open after the veterans day holiday ten year yield continues to inch closer to 1%, you probably have seen the bottom in mortgage rates, a big rally in yields to begin the week let's go around the world and get a check on the early trade in europe. julianna tatelbaum, jtat standing by. i'll just make all words one word because it is thursday and my brain is tired. how are the markets looking there? >> i like it i hope that nickname sticks. european markets are trading lower this morning, a bit of a reversal of the value over growth trade so for the most part, every region is trading lower. the swiss index is trading essentially flat and that is a

health care heavy in-representiin-represendex. you can see a clear picture of what is happening under the surface, you have technology bouncing back this morning on the flip side though, banks coming under selling pressure, done 1 down 1.8%. but this is after the massive rally we saw in the two value sectors earlier in the week on the positive vaccine news. and in china, the tech stocks has been a big story the last couple days. and overnight tech stocks have rallied back very strongly as investors focused on record sales out of singles day overhad goi shadowing the treasure regulatory concerns. on so overnight trade in technologies strong and europe technology also catching a bit of a bid after the selloff he earlier in the week. >> thank you very much

and let's continue the market and money conversation and bring in chuck self and alisha levine. alisha, i'll begin with you. we have news of a possible vaccine, maybe more coming, treatment news as well, markets rallied to begin the week. but have the vaccine gains, if you want to call them that, have they already been made or do you and your team he see more up side for equitieequities >> thanks for having me this early morning. we think that the vaccine news really in many ways is a game changer because we are going to have a bit of an air pocket coming up with some of the covid cases and some of the resulting economic activity resulting from it when we were hoping we won't have any kind of restrictions in regions or cities, but we could and we're starting to he see it he new york city as well. we think the markets will be really strong going into 2021.

the stars are aligned here for great market performance when you think about the amount of stimulus both fiscal and monetary already in the system and we're getting a cyclical recovery, there is a light at the end of this covid tunnel and that light is going to help support the market going forward. we're not concerned about rising yields here, it is a healthy thing. >> it might be, chuck, except for maybe names that rely on high dividends like utilities and others that are kind of de facto bonds. as yields rise, do bonds reduce the attractiveness of some of the differenvidend heavy sectors >> you have to remember the rise we've seen in yields is pretty small. you know, you've gotten used to very small changes in yields so the rise in yields is not what really matters. like the other guest said, it has to do with what happens to

the coronavirus and the stimulus front. we feel that the coronavirus situation has not been resolved, it will take longer than people expect, and we're really worried about small business and whether the small business sector can recover and all the employment that comes with it >> but how does that change if at all sort of your investment strategy, how do we allocate you're money right now given what we know and what with we still don't know >> we think -- and we're really he focused on not losing money as opposed to trying to figure out how to outperform the market and right now, we think that there is a significant chance we'll have big volatility here we'll have a tremendous amount of news both the election front and the covid front going forward here the next few months and we'd rather stay to the side and stay in sectors where there

is stanlt inclubility including technology and utilities >> and listen, nobody is sugarcoating what is going on. some of case numbers are up, hospitalizations are up, europe going through it worse than we are like italy with a number of negative out comcomes. but the market is annuble to see past this. in many ways, as hard as the next few months may be, that if the market, it kind of is springtime >> we did think that there is a bit of an air pocket coming up at the end of q4 and early q1. we would have liked to have seen stimulus come in before the election because now it has become a political football which is not terrific and that adds to the air pocket risk. and the vix has already come down so you really set up for everything going rosy. but we do think ultimately the market will look through it because the recovery now, the

probability of recovery, is higher than expected than it was even just three or four weeks ago because of the existence of vaccines, that in the data holds are 90% effective. and that is a huge game changer. not just that we have a vaccine, but the efficacy looks better than expected. we think that the cyclical trade will hold for a while as yield curve steepen, however we think ultimately in the long run that the tech sector and the growth stocks are going to reassert leadership only because these are the stocks that can agreeca their own and have wind at their backs regardless of where the economy is >> and alisha, i'm knock us a little bit, we in the financial media, we always need to have a reason for things. stocks go up on vaccine hope, stocks go up as earnings rise. the reality is this and i'll tell all my viewers a dirty little secret, stocks don't go

up on any of that, stocks go up because more people want to own them than want to sell them. that's pretty much it. the reasons for that did vao va but if somebody said why should you be bullish, i'd say there is four to five trillion in cash sitting around making negative squat if that is a term due to inflation and it needs a home. is that the biggest bull case we could make right now. >> >> two big cases. one, investors are conservatively positioned and bearishly positioned as you point out on the cash and two, negative real yields push everybody into equities because you don't earn much in your bond market, you lose money on an inflation adjusted basis in the bond market right now. >> and chuck, that is kind of what you said, right you said the good morning is to not lose money but if i have money in cash, i am with inflation losing money

what is a good hedge if anything or are you buying gold, bitcoin? >> besides the sectors in the equity market, we still are positive on gold given the negative real rates. we think people should buy gold etfs and with that money be able to hide until we get through this tilt that we'volatility ovg three to six months. >> so the return of capital is sometimes the best return on capital. chuck, alisha, guys, thank you very much. have a wonderful day thank you for joining us bright and early. >> thank you all right. now to washington and president-elect joe biden pushing forward with his transition with just 69 days until inauguration naming a familiar face as his chief of staff.

tracie potts is joining us now from d.c. with that and more good morning >> reporter: good morning. that familiar face is ron klain who is a long time aid of biden but position in charge of the ebola response giving you some hint there as to how they will prioritize dealing with coronavirus. but president trump is also making some changes in personnel announcements, and those changes are raising concerns among national security officials. >> mark me done as wn as alarme. >> reporter: military and intel begi experts say they are concerned about donald trump replacing some with loyalists. >> he is trying to accommodate position to the outcome of the elections. this is some crazy thinking going on inside that white house. we're in a risky situation right

now. >> sowing discord and doing russia and iran's work for them. >> reporter: one republican says he will act to start making sure biden gets commnfidential briefings. the trump campaign continues recounts georgia is reviewing every ballot by hand >> this will help build confidence >> reporter: recounts typically only change a few hundred votes. biden leads georgia by 14,000. in pennsylvania, the trump team is challenging 10,000 ballots that arrived after election day. buy is winning there by more than 50,000. meantime the president-elect is filling his administration naming long time aide ron klain as white house chief of staff, and reportedly considering bernie sanders as labor secretary. now, one official tells nbc that biden has not yet ruled out

appointing a republican who assumed president trump as part of his cabinet >> wow and traell us more about james lankford and his push to have the president-elect now you start to begin seeing daily security and national security briefings because he's not able to right now >> reporter: right and it is notable that republican is standing out publicly saying look, he needs to get that information while we are working out whatever challenges there are to the numbers. he goes back to the 2000 bush/gore election saying the clinton administration gave president bush the same access to the classified information while still working this out, while the results of that election were going through the courts he also points out that senator kamala harris, the vice president-elect, is a member of the intelligence committee and already has all the security clearance that she needs to access that information.

>> trags ci tracie potts, appreciate it. and when we come back here, potentially more good news in the fight against covid, another vaccine maker ready to show off its results. plus the so-called reopen trade may be in jeopardy at least when it comes to retail. our expert panel coming up with the names that you should be watching heading into the winter months and breakout the green jacket, the masters kicking off today after a seven month delay. what is in store for the super bowl of golf, coming up.

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welcome back more potential good news on a vaccine, single week sales and wells fargo tries to dig out stocks to watch. moderna up on hinting that its vaccine trial could be released soon saying that it has now had enough covid cases in its trial to take a good look at the data. next up, ali baba, singles week really he this year, sales topping $74 billion setting a new record, but shares were hit

this week, invest to yors worryt the communist party could track down on ali baba and other major companies. and finally, wells fargo reportedly considering sale of its unit that handles credit cards. ticket master's covid-19 playback for concerts, greece's new incentive and the popokemonr tourists those are all next ove the phone in front of you like... like it's a mirror, dad. you know? alright, okay. how's that? is that how you hold a mirror? [ding] power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools and interactive charts to give you an edge, 24/7 support when you need it the most plus $0 commissions for online u.s. listed stocks. don't get mad. get e*trade and start trading today.

♪ he's leaving on that midnight train to georgia ♪ ♪ said he's going back >> it really has been all about georgia for a lot of different reasons, but today it is because the masters finally tees off usually in april of course, it was pushed back for obvious reasons. n there will be no cheering crowds, no fans allowed, but players will still be competing for the coveted green jacket let's talk more about the masters with damon hack from morning drive. kind of the super bowl if you will what are you expecting, it is so natural to hear the cheering

crowds, what is it going to be like with maybe just an occasional clap from a caddie and the birds chirping >> it will be different, brian, something we're not used to. never had a fall masters before. but in this unusual year, most golf fans are just happy to have a masters to watch on television you kind of nailed it, you won't see the dogwoods that we're used to seeing, you will see some autumn leaves and some different foliage. but the players almost to a man said we know what we're playing for, the green jacket, the most coveted golf championship in american shorts, you could make the argument that maybe the open championship in the uk is big for the european players but it is a little different, but they are playing for history nonetheless. >> how do you think the course will play out? dechambeau is bulked up, he plays the long game, but if the course is soggy and sloe, does

that reduce his chances to win >> actually it enhances his chances because the golf course will play so long. one of the big differences, usually in april the course is firm and fast and rolling. if you can carry the ball 350, 370 yards like bryson dechambeau can, most of his length off the tee is carry distance. so he will be hitting tee shots to places that we've never seen before bryson is a heavy favorite, he just won a major championship by six shots in new york at wingfoot he is healthy. he has the swagger he is big, strong, and everybody is trying to figure out how he is getting the length that he is so i actually think that bli n bryson's length on a wetting so ghi golf course could be a huge advantage against his peers this week >> and this year of course sports gambling is now legal in

so many different states you look at the leaderboard, you've got of course the names you know, dechambeau, jon rahm what about a schauffele? i have him finishing in the top ten. what are some of your surprises perhaps, names to watch that we don't talk about regularly >> well, you are paying attention. schauffele has seven top tens. scotty shepler is one of the good young stars i'm looking at rickie fowler he is a big name, usually never under the radar, but almost no one is talking aboabout him. but he has played well his to historically at augusta. he has been working on swing changes so everything hasn't

come together, but for a lot of players when they drive down magnolia lane, their game springs to life. and i think rickie fowler is one to watch this week >> and let me ask you a basic golf question because i'm terrible and i change my swing all the time only because most of my balls go to the left or right, why would a guy like ric rickie fowler change his swing >> because that is what these guys do. tiger woods at the height of his power in 1997 changed his swing. after four straight major championships in 2001 he changed his swing. phil mickelson has had three different coaches since he's been on the pga tour they are always looking for an edge even if they are pga tour winners, even if they are major championship winners a lot of them they just don't want to stay still especially when they see younger players come on to the screen like bryson jordan spieth has been searching

for length, so a lot of players can get through it, but some get to chasing themselves down a ran britt ho rabbit hole and their game isn't the same so rickie is struggling a bet trying to get to back to one of the best in the board. >> i'm excited to see the fall colors a difference can sometimes be good damon hack, we appreciate you joining us have a great long weekend. straight ahead, as we look to eventually get out of this covid mess, hopefully in the spring, who are the best long term bets in retail? we'll have the names to watch and maybe why yoga pants will always be in vogue stick around businesses today are looking to tomorrow. adapting. innovating.

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futures mixed as the world awaits more news on a potential vaccine, what will results from moderna show and new york and new jersey suffered huge losses at the virus' outbreak and look to relock down parts of their economies. >> and rest easy parent, youtube the electronic baby-sitter is back up and running after a global outage that left millions of the cat videos unwatch abunw.

it is thursday, november 12, and this is "worldwide exchange. ♪ rock this town, going it rock it inside out, make 'em scream and shout ♪ >> i say cats and they run the stray cats we really don't know what songs they will play but they couldtry to keep me of game welcome back, thanks for joining us here is how your money and investments look right now we are seeing mixed futures just like a mixed market yesterday. in fact the futures mirror exactly what happened yesterday. the dow after a couple big days fell fractionally. but the nasdaq which had a terrible monday and tuesday bouncing back yesterday 2% and now we're seeing futures on the nasdaq higher. the dow closing lower no the first time in three days, did not break above the record 29,551 mark. but big day for big technology and many of the names that have been hit hard to begin the week,

apple amazon zoom bouncing back. docusign road and net flinks fl well so stay-at-home stocks trumping the g.o.a.t., gets out and travel stocks, whatever you want to call them and also watching energy oil and gas had been left for dead but they shouldn't have been because the energy sector up more than 16% this week and get this, that makes this the best weekly performance for oil and gas stocks so far going all the way back to 1989 or as i call it the year of the mullet and it could very well be your stock of the day shares of moderna, they are higher right now by about 4% a lot of investors, robinhood ertz betti ers betting big that there will be position phase three covid trials rolled out within the week they expect their first analysis

to include substantially more than 53 cases because that was the targeted trigger point got an analysis, out of around 30,000 volunteers who received either their vaccine candidate or their placebo there has been hints the news could be good. dr. fauci saying something along those lines. but everybody will be watching moderna and that news. and that news could be coming soon as the u.s. records yet another single day case record for the virus, 144,305 nationwide hospitalizations also at a record of more than 6 a 5,000. rising at the same time for the first time since the pandemic began as well as around the world. the upticks prompting new york, former epicenter of the virus, to institute new restrictions capping indoor gatherings to just ten people and imposing new

curfews on bars and restaurants. new restrictions go into effect today. this casting certification questions about what was being called the reopening trade and specifically the retail sector as struggles continue and i hei months in. the consumer discretionary sector is down more than 1%. all of this as the sector prepares to report earnings next week or companies, and joining us now is raymond james analyst matthew mcclintock and also stacy whittlets. it is an important time. i don't need to tell our viewers, they know it is going to be a tough couple months. europe, they are getting hit harder than we are stacy, you are in the uk so we know the next couple months will be tough, but investors look out to the spring when things hopefully with the vaccine and everything else should get better. as you look for the next couple months, what do you expect from

retail >> hey, brian. i'll start it off. so what we've seen in general is that it is kind of weird, it is like covid has actually been a bit of a friend to some of these brands because there is very lean inventory, everybody is taking the opportunity to pull out of wholesale which has basically shut down and with no commotions, we've seen afrk ticket and margins through the roof not to mention that the mid shift to retail again has a higher first margin. so you have seen august the handbag guys rally, but i would argue that now we're starting to hit peak operating margins and now as we look out and say do sales really start to grow again, where expectations are. and i would question that here >> matt, is this going to be like the spring -- and i'm not knocking any companies, but of course target, walg 345 walmartr

sales went up because they were the only ones allowed to be open so no wonder that they did well. is that what will happen the next couple months, are we going back to the lockdown trade if you will again where the targets and walmarts andthe best buys are the only ones open, so why not own the stocks >> good morning, brian i would agree with stacy to some extent first off, a lot of what we call challenge retailers are actually trading today higher than they did a year ago and these were brings modebusins models that nobody really wanted to buy a year ago. there are some secular winners that come from covid not just the lockdowns themselves, but just because of scale and your ability to accelerate ecommerce adoption and things like that that have actually made the targets of the world more important today than they were a year ago so when i look at the space today, i think that the reopening trade is probably are

towards the later stages of where investors are. i think investors are actually looking to shift back toward safety, quality, high quality. and those are names like the auto part retailers, like a target, et cetera. >> and i was going to ask you, what does that safety and high quality mean like an auto zone? you mentioned target who else looks like a nice safe comfortable place to hide in retail >> i think right now at this point in time the auto part retailers trade at the cheapest valuation multiple that they traded at in the last decade, dwrets they have t yet they have the highest growth potential for the next decade. you don't really ever get an opportunity like that in investing to buy something cheapest that has the best growth outlook going forward when i look at the rest of the retail space, a lot of the he other names do continue to trade at high multiples like target. i still like that name a lot before i think that they will take market share. but home depot, lowes, those

names are trading at peak multiples. so for performance to continue from here, they have to beat on numbers. and that is a harder thing to do >> stacy, yesterday our rbi pointed out that the three best brc performing stocks in the s&p 500 was strip mall operate hers which is kind of weird we've always underestimated the consumer i hear people coming out and making big statements, the consumer will never go back to the store and omni channel is not dead just on line with outline, whatever are we sorely underestimating the american consumer and the global consumer for that matter's propensity to want to go out and physically shop if anything, because it is something to do. takes hobby it is a hobby in many ways >> i agree i think when there is a solution to this pandemic if that takes a year or however long it takes, the consumer will come back to the physical

it is very often a treasure hunt like a t.j. maxx which is one of my favorite picks. that will come back. the consumer wants to be out there and have that experience right now they are not comfortable doing it, however that said, if you look at some of the reits and mall players, traffic down 10% to 20%, that is not horrible considering what is going on right now so you fast forward and say okay, it will bounce back and there will be the winners out there like a target that already has this huge leap because they have been open and they have been able to capture the mass premium consumer and a allso didn'on't forgets te luxury stocks. burberry reported they are up over 20% that tells you something about the consumer's appetite particularly for luxury even during the pandemic. >> yeah, we want to have something to do, walk around

online is great because it i its veeb convenient, but i wouldn't necessarily describe it as fun people making the statements like we'll never go back to the way we were. and the mall is dead forever i mean, i just don't like it when history-- people use the terms like never and forever what are you seeing a year, two, three years out? >> that is a great question because i think that investors generally like to be all or nothing, right so right now there is a view that i guess we'll all shop 100% ecommerce and that is not how consumers are. people in general are very different in their tastes and preferences are different. and on so some of us like to shop online because convenience, bruh then so but then some of us like to experience talking to a person, like if i'm going to buy a tv or even a brand new connective life bulb, i want to talk to the best buy employee because and i have never shopped for them before

and i want to understand it a bit more than i do we could spend all day long online researching, but end of the day, i don't think and mort. at worst, i think it will be 50/50. i think brick and mortar to a lot of the points stacy said is here to stay >> and stacy, is the yoga pants maybe the one thing that -- as much as i don't like the word permanent, is lululemon one of your favorite names for a reason >> i would say yoga pants are here to stay i think that lulu is still a long term investment and also if you look at peloton, are we all going to get rid of our in-home workouts and rush back to the gym now that we know how convenient it is to be home and get all the workouts in

between work or bhaef we're doing? i think that there are a few trends that are absolutely here to stay and those are two of them >> all right stacy, matt, good deep dive into specific names and maybe the consumers return to the stores at some point. don't say sorry, stacy, you've never seen me in yoga pants, maybe it is a good thing or not coming up -- i'll move on. how one mediterranean country is offering everything under the sun to get visitors to work from home, and they mean move there and it is warm and they have olive oil. first as we head to break, some of your other top stories on this thursday. youtube is back up after yesterday are's worldwide outage the site was done for about 2 12 n

down for about 2 in which hours. and sony's new console already sold out online. and in a sign of the covid times, physical sales are limited to pre-order pickup. and electric vehicle maker began taking plea order trucks for the pickup truck and suv, pickup starting at 75,000, the suv over 77,000. deliveries are scheduled for next year. ourselves. let's get checked for those around us. let's get checked for a full range of conditions. introducing letsgetchecked a health testing you do at home. let's get round the clock support from a team of nurses. let's get fast, accurate results. know your health. know yourself. order now at letsgetchecked dot com

welcome back clothing for teens and millennials, telling time and buying a car or truck without setting a foot on a dealer lot resolve is down sharply. average order value held at 16%. who is resolve they, quote, curate luxury goods. and fossil saw momentum online and growth in china. they expect fourth quarter sales to drop 30% to 40%, stock up 27% because people expected worse. imagine that and shares of vroom stalling out, the seller of used cars reporting third quarter results

beat forecasts, but it expects wider fourth quarter loss. still up more than 60% because everybody was looking for a used car recently new hope for concert goers, singapore teens with pokemon and you could be working in the mediterranean soon better th better th better that cools -- i just need to make through this week. >> you're lalmost there >> just save the show, please. >> all right you know how if you are traveling an blood you sometimes have to get certain shots and certain medications to make sure that you have immunity now you will need that at home perhaps. in a step toward getting back to normal a, ticket master has announced plans to screen customers for proof of a covid vaccine if they are attending a concert by using third parties like clear or ibm, fans would

have to verify either that they have received a covid vaccine in the past year or tested negative within 72 hours of the concert some airlines have that now. meanwhile singapore is hoping to boost tourism with some help from pokemon the tourism board has teamed up with the maker of pokemon go to add poky stops the board hopes that the game will lead tourists to sdfr local areas and businesses of course they first have to look up from their phones. and in our tourism news, greece is the latest country trying to lure the work from anywhere crowd. the country is promising tax breaks for half the income of those who choose to move there and the incentives will apply for a maximum of seven years boy, when you look at those ocean shots, it is pretty tempting >> especially as we are heading into winter here i don't know what your plans are

for thanksgiving, but for us, we're having friends over, but we're all going to go get tested a few days before and kind of use that as the pass to entry. not perfect, but whatever. i also have a group of friends who have all had it and recovered, they are basically having their own private party for those who already got it because there are few or almost no signs you can be reinfected so literally millions who recovered, maybe they thoo just get together and have one big party. but i don't know what fauci might say about that >> yeah, this whole immunity passport thing will be very big i think in the year ahead. it is already factoring into travel and holiday plans it will be something that we're all going to have to get more used to. >> because there are millions of people who have recovered. thankfully the majority of people, 99 whatever percent do and they are all kind of looking for something to do. maybe there is like a restaurant night, i don't know -- i'll leave it to the scientists

>> they're the best guests to have >> hey, in 1918, that's what happened people who had the spanish flu, they were like i'm fine, how are you. bertha, thank you very much. on deck, bracing volatility, why the man who got this market right, craig johnson, says these are the things that you need to do now what are those things? we'll find out pl yr i mi uusourbcongp.

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we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley. welcome back and good morning. 5:52 in the east the sun not yet arisen over washington, d.c. let's get back now to the broader markets because the sun has certainly risen on the stock market the last couple sessions and your next guest says the story line of growth versus value might have flipped this week, but more is required for the rotation to be sustained and

he is the man who got it right, craig johnson has been long and strong for years even when people were hating him, calling him names and that was just me you called for s&p 500 3600, you nailed it. obviously the vaccine pop, saw what have you done for us lately what do you see for the markets now? >> thank you, and you're right, that is the next question is congratulation, we got there, what have you done for me lately but i think the script has been flipped a little bit here. we started seeing a scenario where the growth versus value started changing as the stay-at-home versus the reopening trade started to change and a lot of that has to come back to interest rates we have to watch them carefully. but a couple things i want to point out specifically first, very interesting trading. we had a 2% gap up on that pfizer news on monday. and then we started to see the

markets selloff at the end of the day. we have not seen in 25 years of data a 2% gap up and then close below that gap up that we've seen in the past number one, it feels a little exhaustive at least short term, sort of buy the rumor, sell the fact the second thing i'd point out is that inside of our work, and we've talked about it with you for year, when we see some internal readings get to large extremes, we want to really start to lean the other way just a little bit and just this week, we have over 92% of all of our industry groups are now above a 40 week moving average and when i was on this show in march at the lows, we were basically at zero of the groups were before a 40 week moving average which typically marks a bottom i've only seen this work go to 100% twice and that was back in the 1970s. so the question is, a lot of good news probably baked in? the answer in the short term, probably yes at this point in

time so these are some of the things -- >> so sounds like you're saying, sorry to jump in, but don't expect some sort of big end of the year santa claus rally >> i think a lot of the good news is baked in and i don't see a need to raise our 3600 objective for 2020 right now. and then positialso to that poiu look at what has happened between the nasdaq 100 and also the s&p 500, we saw something very interesting happen. the differential between those two indexes hit a very wide reading, over 300 basis points we haven't seen something like that happen since 2008 so again, another sort of question mark about is the leadership of this market perhaps starting to change it has been faang, but if this market starts to rotate and starts to change, with faang stocks being such a large part of the index, can the indexes hold up. that is the question for a lot of viewers here today.

>> yeah, we've been asking that with all those big name stocks but jim cramer says that it is a stock market and market of change everybody is going back to the chipotle what looks good to you >> i look at the cmg chart, it is a corrective pullback at this point in time. longer term trend is still there. we do remain overweight consumer cyclical and companies like sirius logic should also be bought and hca, those are stocks that are breaking out and we can find positive things to buy it just may not be those five largest stocks or the faang stocks so we need to be more stleelecte >> hca kyrgio sirius, chipotle. is docusign finished

>> nobody is going back to sign paper documents again, but what probably could happen, we could see a scenario where the pe multiple starts to contract and hence we go. >> hence we go i saw the docusign to quote the song the show's over craig johnson, the man who got it right, 3600, we got there, buddy. great call thanks very much for joining us. appreciate that. folks, thanks for tuning into "worldwide exchange. we'll see you tomorrow bringing back the exclusive insider buying segment "squawk box" is next while i was in the navy,

i decided that i wanted to go for electrical engineering and you need to go to college for that. if i didn't have internet in the home i would have to give up more time with my kids. which is the main reason i left the military. everybody wants more for their kids, but i feel like with my kids, they measurably get more than i ever got. and i get to do that. i get to provide that for them.

good morning rotation reversal exclamation point. tech stocks rebounding while dow

futures point to losses. the reopen trade, is it in jeopardy, that debate is ahead the u.s. hitting grim records, the new covid cases as well as hospitalizations, but moderna signaling it is nearly ready to release the early data on its vaccine candidate. and the seven month wait is over, but golfers at the masters will have to contend with mother nature tiger is defending is that really -- tiger becauwa last one to win. it has been so long. "squawk box" begins right now. ♪ ♪ he's leaving on that midnight train to georgia, said he's going back ♪ >> good morning, everybody welcome to "squawk box." we're focusing on georgia for a different reason today, we'll telk more about the masters