here to discuss the reaction is michael purves. don't think i've ever seen anything like this before in that you had president trump on twitter attacking the leadership in the republican party, his own party. how do you hedge this kind of political risk? michael: it's really interesting. there is this big discussion about whether we will get $600 or $2000 checks, but there is a longer-term implication that is coming into the foreground january 5 in georgia. if trump's actions here are serving to fracture the republican party, gave a longer-term edge to the democrats, so they can potentially get senate control and in the biden policy that he articulated before the election, what does that mean for the markets? certainly a more important longer-term discussion than the 600 versus 2000. what this means for the political makeup in 2021, 2022. people had different opinions delayed blue way really means. some people look at it as a margin negative. given we are in the middle of a pandemic, you are probably looking at the rotation trade t

joe: joining us with more is michael purves. in -- incredible stretch this cyclical commodities have put together. basically a month of real outperformance tends to be sustained or maybe the better question is, what would it take for this outperformance to be sustained? they arerger chart still massively underperforming. >> one name i have been focused on is u.s. steel which was frankly a stock that was not trading well before covid and nora were steel prices which you determine -- nor were still pricing. the way i look at this name is that the stock was left for dead. every analyst hated it. steel prices were quietly skyrocketing. --late august there were they were 450 a ton, now they are $8.20 a ton. lastook back over the 10-15 years that is good, but the stock has started climbing here. , you ask what is needed for u.s. steel, it has doubled in the past few weeks, what does it need to go higher? you can make the case that steel prices need -- don't need to go up much more, they just need to not collapse. analyst, i canro feel