i like this name here. >> what do you got >> chevron down 15% from its high a diversified revenue mix. >> brutal week for oil keep your eye on crude that does it for us. have a great weekend, everybody. "the exchange" is now. thank you very much, scott hi, everybody. i'm kelly evans. here is what is ahead on "the exchange." despite the strong headline number, the labor market is slowing. but is it slowing fast enough for the fed? no, says one of my guests. the region al banks are rebounding strongly today. and our market guest says there's one trade you should definitely avoid right now, and s we have those details. a special edition of

"earnings exchange." three under the radar companies run by three ceos who are joining us next week first, let's get to dom chu. very different market today. >> in fact, so much so that we have clawed back all the losses from the last two days in terms of the s&p 500, kelly. so to that point, let's give you the numbers. the dow industrials tilting again, the market is tilting towards the highs of the session. the dow up 420 points. 1.5% gains for the s&p 500 4122, so back above that 4100 level. we were up 65 at the top so far intraday, up about 23 so generally a positive day tilting towards the upper end of that trading range the nasdaq nearly a 2% gain there, 12,189. that technology trade driven a lot by anniapple.

another place to watch on the heels oh of that jobs number is the idea that we could see more inflationary pressure. crude oil prices, the u.s. benchmark, west texas intermediate, back above $70 but as you can see, this is a little blip higher but it's just a blip over a longer term down trend. and then kelly mentioned the rough week overall i'm going to show you how rough it was for the western u.s. regional banks that have been closer to the epicenter of the silicon valley bank. pac west, over the last week, is down 44% western alliance, over the last week, down 28% and szion's bank in utah, a rea ripple effect, off about 13% over the last week kelly, i'll point out, if you

look at pac west, over the last 12 months, it's lost about 68% -- or 86% of its value 60% for western alliance and 58% lost in zion just in one year. so by no means is the banking turmoil over, but hopefully for some, it's stabilizing >> dom, thank you very much. now to the april jobs report, which in my opinion came in way better than expected. non-farm payroll up by 253 overall. the unemployment rate to the lowest level since 1969. so good news like this is supposed to keep the fed in tightening mode, but why are the banks taking it so well? welcome to my guests dana, let me start with your reaction to the jobs report. is it too good to be believable,

and the importance of the unemployment rate, we're not going to have a recession until that starts to rise, and here it is dropping again. >> exactly and i think one of the things that is so important is 3.4% unemployment rate, we have been running below what the fed considers the noninflationary rate of unemployment for 15 months now, the strongest streak since 1969, when we saw inflation become much more entrenched and set the stage for the staglation we got into in the '70s so that said, this number alone does not push the fed to raise rates again. they're going to take into account the fightening in the pipeline in the banking sector, which is still an unknown. and we also saw continued stress, as you noted this week, in the banking sector. there is a lot of data to come out between now and the next six weeks. >> steve, same question.

i'm just trying to run through the line of reasoning here if this report today means, okay, maybe the fed is tighter than we thought yesterday, shouldn't that be bad news for the regional banks but they are rebounding strongly with the rest of the market. >> they're down but they're down so much, somebody is going to find some value. i remember the savings and loans crisis in the couple of years after, the banks were some of the best performers there was a period of time where they had really lost a lot of their value, and they came back, and it was a really good play to play the regional banks at some point. and that point is when somebody can explain the business model >> exactly >> you can blame the shorts all you want, but the only reason the shorts have all this power is because of an absence of longs. the point is that the absence of longs is an absence to be able to say, buy this stock

you can say maybe there's some value but you can't say it's a screaming buy if you understand how much deposits are going to fall the whole story is why i have to stick around until 4:15 today and report because it's a big story, how much deposits are fleeing the system it's a win-win for me getting to do the story if there's no change, that's a story. if there's positive or negative change, it's a story either way. so there's a little stability in the banks, that's good i will say, though, one thing i just want to throw at diane. diane, the direction of jobs is often in the direction of revisions. revisions were negative we do have the chart you have my chart showing the revisions? thanks, guys it was the three-month average -- look at that. it had been 334,000.

it's now 100,000 less. so you are getting the cooling not at the pace that you want, and the revisions tell me that maybe it could be cooling faster, and this 253 may be a head fake. what do you think about that >> well, i think it's very important, steve, the revisions for march was the lowest march since december 2020 when we saw employment contract. so the revisions are finally tipping in the different direction. we had the longest stream of upward revisions until about february and then they moved back down again in the last two months this is really important, because it means that we could be a t a tipping point where we're now overshooting the initial report on job gains, rather than catching up. we could be seeing much weaker going forward. it's not going to change the unemployment rate no matter how we revise the data, and that's the issue for the fed. chairman powell expressed some

hope that we could still get a soft landing out there that is not where much of the fed is and certainly not where the fed's staff is, which is still forecasting a mild recession as he confirmed it's very hard to derail the underlying inflation without an increase in unemployment, more slack in the overall economy >> it feels like we're in a little bit -- whatever term you used earlier every time we see rates go up, it was all the newsroom chatter. so i just think it's worth pointing out even when things look all clear, under the surface it will be worsening some of the issues you were referring to >> that's all true at the same time, i can wake up and think you know what? this recession thing, i've been waiting for a recession and it hasn't happened. i looked at our survey,

according to my very wonderful panel of people, among them is diane, we were supposed to have a recession by june. now they're saying september and it's supposed to be a negative quarter and it doesn't happen i have become humbled in my understanding of the dynamics any more if you are not in that place, you are not paying attention there's stuff going on in the economy that we have never seen before 500 base increase in the funds rate should stop this economy like a rock. it hasn't happened and hasn't affected the jobs market >> one of the points dave zerbos makes is the 5% -- this is a massive consumer stimulus. people have not gotten a return on their savings in arguably decades. now, after tying up your money in a three-month cd, you can get almost like a stimulus check back i don't know if we should

consider that as something to make us figure out that reaction function >> well, that function is clearly important, because consumers are now seeking returns on their savings, and that is important. i would note one other thing, and i agree with steve it's humbling. just because it hasn't happened and just because we're paranoid doesn't mean everyone is not out to get us. i think it's still out there i can not see unfortunately, given how sticky inflation has gotten, that is extremely humbling and the core measures are still very sticky out there, and the fact that on a quarterly basis, inflation at the core level accelerated in the first quarter with the acceleration in consumer spending. that's worrisome to the fed. it means they need to go further or we'll have more tightening. >> let's pause and drill down on

one aspect of the jobs report that is worth highlights it's welcoming more important to companies, as well it's the share of older workers in the workplace and taking jobs kate rogers has details. >> reporter: companies like humana have been recruiting more workers 55 and up since 2018 that demographic makes up 20% of its workforce. the goal is to have the workers represent the people it's serving in the health care community. the key they say was flexibility, analyzing benefit choices and finding ways for older workers to connect with colleagues >> all those things have contributed to, again, the work/life balance, the ways that older workers can see themselves being here for the long haul >> reporter: the aarp has a program that helps mature workers with their interview process. we spoke co-cathy jakes johnson,

who is now an office manager in chicago at age 57. >> older workers, they bring experience that you don't find in the workplace any more. they bring dedication, loyalty i think that is a lot of what we bring. that younger people don't, because millennials jump from job to job and we tend not to >> reporter: the aarp has an employer pledge program, being committed to a diverse workforce, and the number of companies that signed on increased by more than 100% to now 2500 companies, including humana so companies are out there looking to recruit these mature employees to close the gap and bring more people on >> thank you for that. diane, do you want to respond to this phenomenon? this is the macro significance of it? >> what's happening out there is

we saw the participation rate among older workers rise until february 2020, then it dropped off a cliff. what we have seen is even those over 55 have fallen since february of 2020 what we have seen come back is the participation rate among prime-age workers driven by a record high of participation by prime-a prime-age women. by the government statistics, i'm out of my prime because it's 25 to 54 workers >> don't get into nikki haley trouble here >> i think i'm still in my prime here but i think it's really important that we have seen prime age women come back. and part of the reason they have come back, even though -- and gotten to new record highs, that's great we're trailing all of our competitors out there, including canada by over 8% in our participation rate male participation rate is even

lower among prime-age workers than other competitors around the world. but the good news is, we're coming back. one last thing, the child care crisis is still with us, and those over 55 are citing that the women are out of the workforce twice as likely as men, often caring for children or others. >> i love it when the market forces businesses to stop doing stupid things. for example, here's one. a majority of graduate students are going to be women. so businesses have gotten hip to the idea they better make the workforce better places for women if they want smart people in their workforce here is another thing. the big decline in participation has been among older workers so this idea that businesses are going to have to figure out how

to make the workplace a better place for older folks is something they should have been doing all along. >> that makes sense. the aarp asked some of the things that mattered most to this set of workers. flexibility was key. being appreciated for your skill sets is something that matters a lot. but flexibility that transcends age. everyone is looking for flexibility in this post pandemic world and to build on something that diane mentioned about caring for someone in the home and workers 55 and up leaving the workforce leaving to do something like that, that's happening with older workers, as well we have to remember, people are living longer, and so that is also a factor here, as well. >> i talked to somebody who decided to put more light in the

workplace. light for older folks. give them bigger screens the only problem with all this is a dub w-- when we did our report on this -- >> you have to get used to the idea when people leave the workforce, get them back in. we'll leave it there, everybody. thank you so much today. let's get a check on yields now with the headlines on some of these one-month bills offering more than 5% this yeek. six-month bill, still over 5%. rick, will that keep draining deposits out of the bank >> yeah, no, i'll tell you what, there is a lot of dynamics going on the fed should have stuck with the fact that rates were transitory when it comes to trading, every trader knows it's about timing their timing was wrong

it's all about speed so let's consider today's average hourly earnings, year over year. last month, it was 4.2 today, they're at 4.4. if you look at the chart, you can see that these are moving up but what's interesting is if you go precovid, precovid this series began in march of 2007. it was never higher than 3.6%. it's currently at 4.4% that is one of the issues that we need to concentrate on. and the effective short securities, 2s, 3s, 5s, 7s, their yields are down on the week the yields up on the week are the long duration. 10, 20, 30 so you see the way yields move currently, up 13 on the day, but down 9 on the week the reason this is pornimportan, ultimately the speed at which inflation comes down and wages

moderate has a long timeline keep the rate higher for longer. that's what the fed will do. equities at some point will figure it out. >> rick, thank you still ahead, the destruction in commercial real estate being felt especially in california. so much so that my next guest says san francisco is starting to look like detroit to her. there's one trade she's sphteern clear of and as we head to break, here is another look at the markets. strong day across the board. those are the companies we will speak with next week we're back after this. the cloud makes it possible to expand your infrastructure.

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welcome back to "the exchange." the market staging a rally for the first time in five sessions, although we could close out in the red for the week regional banks, up big from yesterday's declines jpmorgan upgraded to overweight today. a lot of people are bigging through in order to minimize

that my next guest says there's one area to avoid the next for that, we bring in julie. good to see you. you know, i think we all know the problems with san francisco, but i think it's important to talk through kind of the broad stock exposure maybe some people aren't fully aware of where the biggest concentrations are >> yeah. i think we are all aware of certain banks with exposure to the cre in san francisco, and not all is created equal there are other lenders in california who have done a great job making sure that the underlying credit is very strong and they're taking little loan risk but if i think about san francisco overall, it's been hit with multiple issues that are making it a city in decline. part was it's just priced out everyone during the boom now we have a situation where if you look at san francisco, you see this is a city in decline and it will take years for that

to reset so i worry about any lendor that has any exposure to commercial real estate. >> are we to assume that san francisco lendors have the most exp exposure, or are there some interesting cross border ex-e exposures to be aware of >> they're probably better able to weather them, but a lot of the lending in the shadow banking sector that occurred after the global financial crisis when larger financial institutions had to stop doing some of this lending, we had no real visibility into what that looks like so those are the funds that will trickle across to the rest of the banking system the problem is, we just don't have this ability on that the way we do for regional and global banks >> and the problem more broadly is trying to figure out what is the worry point for regional banks. is it deposit flight or

viability of the business model going forward? you have to answer that before you know if any policy response is needed here >> i completely agree, because when we think about credit overall, all we've been talking about is risk, and i understand that but we're just coming out of one of the best boom times we've ever had it just didn't feel like a boom in 2021, because we were in our sweats, a lot of us were worried about the pandemic if you look at the data even in 2019 as well, the worst loans are made in the best of times. it is so hard for me to believe that the credit quality made during 2021 is going to be as bright and shiny as we hope it is i worry about the risk people took on. >> and you may want to focus on those banks that were fast

growing. here is a final $1,000 question to throw at you. so okay, why would anyone own stocks here? well, today we're up 400 points, the s&p is almost back to year-to-date highs what do you tell people? >> i believe it's impossible to time the market. your best bet is to stay invested in if market and focus on quality businesses that do well to recycle. there's no way i can be smart enough to know when to get in or out. chances are, you get in at the wrong time, you sell at the wrong time, you buy the wrong thing. >> one name before we go >> really i like what's happening in the software space in aspen technology. this is a business that services oil and gas, and i think it's well exposed and well positioned going forward. >> thank you, julie.

actionable, philosophical. have a great weekend still ahead, shares of drop box popping 8% on earnings today. analysts are bullish on ai integration. and here is a look at the dow map. intel, merck, j&j all in the red. back after this. (cecily) you're looking pleased with yourself. (seth) not to brag, but i just switched to verizon. (cecily) so you got an awesome network... (seth) and when i switched,

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as sleek as it is spacious. as smart as it is beautiful. introducing lucid air. experience the best. ♪ ♪ welcome back to "the exchange." we have been up at near session highs, 50 points off that level of the dow 4125 for the s&p, up 2% on the nasdaq a couple of earnings stories, as well lyft, how about this one, taking

21% despite the estimates last night. with dismal second quarter guidance the new ceo has been focused on cutting costs, laying off 26% of lyft's workforce apple, meanwhile, higher after better than expected earnings and revenues and shareholder friendly news. buyback problem goes to $90 billion. let's get to tyler now with a news update. >> thank you so much here is your cnbc news update at this hour. dr. roeshl walensky is leaving the centers for disease control director she played a vital role in the administration's pandemic response over the past two years. not clear who will take over as director at the cdc. churchill downs suspending

trainer saffie joseph, jr. indefinitely after the sudden death of his horses at the track. as a result, warren miles, who was trained by joseph, was scratched from tomorrow's derby. and millions of turbotax customers are set to receive checks as part of a $141 million settlement the amount paid to each eligible consumer ranges from $29 to $85, depending on the number of tax years for which they qualify >> all right, tyler. coming up, what's next for streaming? warner brothers down 10% this

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shares of warner brothers

discovery higher today, despite missing the top and bottom lines. but the company's streaming service will soon be profitable sooner than expected here's what the ceo told the crew on "squawk box" this morning. >> we made $50 million on our streaming business this quarter. we said that the streaming business would be profitable next year, and we announced today that our streaming business will be profitable this year in the u.s. and so our u.s. streaming business is no longer a bleeder, which is a big deal. >> and compare it with paramount's big miss yesterday when they cut the dividend and reported greater losses and those shares tanked. joining me now is matthew harrigan, with our very own julia and alex welcome to everybody alex, other than saying how amazing he is at all this, shares are up 3% after his remarks, what jumps out at you

>> right,warner brothers was down 60% last year. there's no doubt that he can take a small victory lap today he's been cutting costs like crazy over the past year to try to get streaming into a profitable, free cash flow pumping business this is a legit first step i think the street kind of is tipping its cap to that to say okay, the company is going to need to do a lot more than this. to be fair, david said that on the earnings call. he admitted that the environment continues to be challenging, and he's hopeful the company will turn the corner and get advertising revenue back up and we'll get film revenue back up, traditional cable revenue is probably on a slide down and nothing he can do about it but that's why it's so important to get the streaming business profitable as quickly as he can, and at least we're seeing a

first step on that >> julia, why do you think people are giving them a little more -- i don't know what to say -- credit than paramount >> well, look, the results were better i mean, the revenue was in line, the earnings loss was much bigger than expected but i think it's really important to focus on the progress and streaming, and the opportunity in streaming, and the fact that david spent the first year after he acquired or merged these two companies and combined discovery with warner media. he spent the first year doing meaningful cost cuts so they're on track, they're serious about making streaming and making sure they are profitable on the earnings call, he talked about really using the content to cut down, there is so much competition right now, they want to make sure you don't want to sign up for one, watch your favorite show and drop it.

so they are trying to think strategically about the discovery plus and the hbo max app, and to use that combination to make sure that people do not drop off when they lose their favorite show or they have to wait for the next season so it's about maintaining the profitability of those subscribers. >> matthew, why does it feel like netflix is the only one with a sale rating on that in >> i'm a valuation geek. i upgraded a few years ago when they had a nice pop. but when you look at warner brothers, they're very early in the regenerative process here. hbo was basically mangled as far as the management for a lot of years under at&t and warner brothers, a , they h

had an awful period of box office this year, you have the harry potter video game that is done extraordinarily well you're getting much more rapid progress at hbo and the new service catching on the 23rd, albeit largely at cost control right now. this company is extremely cash generative, unlike netflix and some other streaming companies really, this is -- you certainly want to have a lot of creativity certainly the animation business has a lot of potential so this is a great risk/reward here i think some really good growth

plans in place have been somewhat masked by the very necessary effort to get costs over last year >> yeah. it would explain a couple of reasons there with cash flow, why they're cutting. up 3% today. we'll leave it there thank you all so much today. so remember, berkshire has a 14% stake in paramount last month, warren buffett sounded cautious, saying we'll see what happens the festival is under way in omaha. let's take a live look at the show room trial. tune in right here to cnbc and find out when you coverage starts tomorrow on tv and dot com. back after this. ur third bark-ery. oh, i can tell business is going through the “woof”. but seriously we need a reliable way to help keep everyone connected from wherever we go. well at at&t we'll help you find

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an 8% pop in their second quarter guidance diedra sat down with the ceo what did he have to say about the quarter? >> to get that kind of pop, you have to mention ai a few times that's what he did do, attributing better efficiencies and guidance to artificial intelligence and it contributed to the layoffs >> first, just to be responsive to the macro environment, like a lot of other companies but the second is this surge in demand that we are seeing in ai. and certainly the interest and demand for this new generation of smart products has been skyrocketing >> reporter: so they started to gain steam last year it was about rolling back too much hiring during the pandemic.

but that is starting to shift here layoffs are becoming about efficiency and making way for the huge platform shift that is generative ai. he has a different approach, though have a listen. >> no, we're not replacing jobs with ai. we see ai more as giving like our existing people superpowers they didn't have before. >> is it a mistake to replace people with ai >> i think that's the only motivation, i think we -- when you can get more -- when you augment people's apabile capabi, it's a better way to think about it >> reporter: kelly, hear a similar sentiment from alphabet if they have more layoffs.

she talks about making the company more efficient with artificial intelligence. so this balance is being struck right now between ai taking actual jobs or improving efficiency so you just have different kinds of jobs. >> yeah. i'm biased being towards being pro ai what person says, no, i would rather be the call center? let the ai do it i don't know some of it is replaceable. >> and some companies are so eager to jump on this ai train that they say they can replace jobs we don't know yet if that's the right method if you still need a human at the wheel, that's what they are trying to figure out >> and you look at these guys, and i'm so used to them being young. diedra, thank you for that report still ahead, an upgrade.

choice hotels has missed on revenues how to trade these teehr is coming up. stay there ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪

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welcome back, everybody. we have a special edition of earnings exchange today with the story and trade on one name that's reported, two on deck, but what all three have in common is we'll talk to the ceos next week. let's start out with portillo's. they were upgraded to buy today. shares are up 30% this year, not too shabby the ceo will join us on monday jeff, welcome. i can't imagine you get a lot of requests to talk about this stock, but what do you think about it this year >> i'm very biased

i'm here from chicago and their chocolate cake is absurd what's fascinating is it's right back where it was, the ipo if we really rewind, the oracle, we'll be talking about that all weekend here on omaha. but the oracle bought them back in 2014. and then they spun it out. so here we are. it out. here we are with a microcap name here is an opportunity, look at the congruent line that shake shack took shake shack had its ipo, 65 stores, now about 450 stores so the plan here is to see portillo's develop into a 600 unit facility. right now they're at 65 unit unitunits as well i'm a buyer here if this was trading at $54 in november of 2021, it has had a fall from fwgrace, but this is opportunity. >> how do people who are buying it now make sure they're going to buy a stock that does well over the next couple of years. chipotlesque what do they have to do to be

that strong of an investment >> they have to execute. you bring up a great point if you look at shake shack and how shake shack actually rolled out their plan and executed, here is shake shack at 460 stores you'll see a similar situation with portillo's. they have a different offering i think that's why it is spread across the country portillo's has the opportunity to move higher this is a volatile stock be careful when you come in here, this is -- first day had an ipo, $20, $30, $54, then fell from grace if the oracle liked it in 2014, you got to like it in 2022. >> their food is such comfort food it is delicious. but chicago january comfort food is different from atlanta in february we'll see if it translates choice hotels, the parent company of comfort and quality inns, it is up 15% this year as demand is strong for budget friendly hotel brands.

last time he talked about how infrastructure demand was creating huge increase in demand at his hotels for people working on the projects week to week i wonder if that will be a theme or is the slowing macro going to start to set in? >> i don't see the slowing macro. i continue to see more and more personal travel as well as business travel pick up. so, if you look at marriott, we talked about marriott earlier, for a five-year perspective, choice hotels has outperformed i know it is one tenth the size of marriott. this is $6 billion market cap company. we have seen upgrade and downgrades i think it makes sense that this is going to move higher here, but you to understand, of the 628,000 rooms that it owns in compared or in conraftrast to or rooms, it is a lower end brand i'm not afraid to stay at a comfort inn. you'll see continued robust travel and that will put wind in the sails here. >> we'll also talk to him about

the income distribution. how are people doing last june, interestingly, because gasoline prices were so high, you really saw that pinch, the lower distribution income spectrum prices are lower, not way down, but job growth is slowing too. interesting to hear what he says about that dynamic. >> for sure. you have to understand it has been an elongated reopening. people are talking about where they're going to spend the money in the face of this high inflation, which is coming down, they're talking about taking trips, that's why i think you'll see a whole hotel industry you can own marriott as well as choice here. if you look at the opportunity, year to date, opportunity for a mean reversion and that's why choice hotels has the opportunity to go higher. >> that's two out of three america jet is up, strong demand for life insurance and investment products. glen williams will be here on tuesday after they report on monday night right now so much focus on financials and the way -- we know insurance has been a strong

performer. but talk to me about whether this is a stock that jumps out to you for the rest of the year. >> i think if you own it, you have to hold it here, but i would not establish new position talking about financials, this is very different, you hear regional bank, people get s shivers. this has been isolated from the regional bank chaos. if you have the opportunity, this close to the 5 2-week high, i get nervous where it is technically. 50-day moving average goes back down to the trend ing move average, 148 it seems look a utility the way they continue to make money year off year i think with the whole industry year, there is other opportunities inside of financials versus something that in primerica which has done a great job and delivered. up 25%, 30% year to date i want to take profits or hold to a certain extent but i can't be a buyer at this level. >> during the pandemic, a lot of life insurers said it was the first time millennials came to

them and said do i need life insurance? how does that work to turn back to the regional banks, you go into the weekend, what kind of work are you doing to make the trades money do you wish you had caught a rebound trade today or do you think you have to move to the sidelines until the dust settles here >> i really have been averse to dive in here because of so much uncertainty. you don't know what the fed is going to do. we have a broad idea of what they're going to do. you have to stay with quality. jpmorgan continues to see to pick up pennies before the bulldozer. jpmorgan and some bigger banks are going to prevail and win does that cause a problem making the bigger banks bigger, yes as you're seeing us digest the fed messaging, the ten-year note move lower, that's setting the stage for the soft landing if you have an appetite for risk and like to trade, you can sell some puts into some of the specific names which may have

mismanaged their treasury book, may have gotten their hands caught, but people want to work with them. >> are you tempted it is not often the market offers you the opportunity to go, okay, i can be up 40% year to date, but there is a reason the opportunity is out there. >> the nervousness trickled into schwab down 20% in one day. if you're looking at some of the rena regional banks, understand their model and make sure if they make money and their obligation there is different risk and quality levels across the regional banks that's what creates opportunity. >> what about the vix? if there are those who say i don't know how to play bank by bank but i bet on volatility going higher, is that too obvious of a reaction here >> the vix had a hard time predicting short-term here we're seeing more and more inputs trying to understand. it is the nervousness, the anxiety injected into the

marketplace. if we can remove some of this regional bank chaos, you look at earnings better than expected, rates come down, the ten-year remains under 3.5, that's helping the consumer, with the strong jobs report, i have more optimism than i did just a couple of weeks ago, but, yes, it is a sentiment play and the more sentiment souring, the more opportunity i think there is for us to break out of this range. the s&p 500 has been tethered to 250 days i think the breakout is to the upside. >> the upside? >> yes. >> i think we get above 4200 and you'll see some people -- fomo kicks in. >> the trade that makes you go what that is the right trade to do have a great weekend we appreciate it here. quick market check before we go. look back at the dow up 460 points today still down for the week about a percent and a half the s&p down a percent the nasdaq barely lower with tech the only sector in the green as we look to close things out on this friday coming up next, that does it for

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