jim paulsen, leuthold group chief strategist.gives you an idea of which part of the equity market people still like. small caps for jim paulsen. tom: the big issue is you've got to be in the market. take gina martin adams of bloomberg intelligence for the mantra. you've got to be in the market. how many people aren't in this market? jonathan: and how people are worried about being active or being passive today? take your pick. romaine: you look at futures this morning, it is russell futures out front of pretty much everything else. a lot of people saying that people were too quick to turn their back on some of the cyclical names, some of those small-cap names. that maybe that was a bit too premature. maybe that bid comes back end. maybe that brings us back up to the levels we were at a week ago. jonathan: yields this morning are higher, and guess what is happening elsewhere? you would probably be right. we've got to get at this speed with that executive order from the white house. i mentioned earlier we would catch up with a labo

[roll call] commissioner paulsen is excused from the meeting.l vised by sfgov tv. and for those watching on live stream b aware there is a brief lag between the livestream and to extend the

we are lucky to have two of the best guys on the lieutenant, kenny polcari and jim paulsen.im, let me start with you, with the recent messaging of the market you wrote something this week i thought was very intriguing, really hadn't seen it anywhere, you focused on the relationship of the dollar in key sectors of market. strong dollar meant weak russell 2000 check, financials, check, emerging markets, check. it has been spot on. why does this correlation work? >> the dollar to your point a little bit you just made, charles, what is the message of the bond market going lower? to some extent that message is one of fear that is reflected in the bid the dollar has gotten over the same period bond yields pulled back. they're somewhat delivering the same message, that maybe things will not turn out quite as good. as a result dollar get as bid as a fear trade. the dollar does a lot of things. certainly fear trade, if it is going into the dollar, it will come out of aggressive stocks like cyclicals and small caps. it directly hurts international stocks you invest in, stronger dollar

. >>> next hour, jim paulsen on yesterday's sell-off this morning's bounceback, earnings and all things 700-point decline yesterday. so far so good if you're a bull. dow futures down, s&p futures up 23 nasdaq up by 23. "squawk box" will be right back. ♪ dream, dream that's the thing to do ♪ ♪ music ♪ when you see value in all directions, you add value in all directions. accenture. let there be change. only 6% of us retail businesses have a black owner. that needs to change. so, i did something. i created a black business accelerator at amazon. and now we have a program that's dedicated to making tomorrow a better day for black businesses. ♪ ♪ i am tiffany. and this is just the beginning. ♪ ♪ keeping your oysters business growing has you swamped. you need to hire. i need indeed indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventy-five-dollar credit when you post your first job at indeed.com/promo >>> welcome back, everybody. new jersey governor phil murphy has confirm ed covid deaths. he has pushed thos

of this very committee, sat down on a lower part of the desk, and i was here when then secretary paulsen appeared. he sat right out in front. i remember cleaver was to my left, i believe, and scott was to my right. the secretary wanted $700 billion. he had approximately, i thought, five pages asking for $700 billion. i've since read that it was three pages. be that as it may, $700 billion to bail out what were called exotic products at the time. $700 billion. well, as you can well imagine, my constituents were up in arms. they were calling me by the hundreds, demanding that i vote against a $700 billion bailout. being the good steward that i am, i voted against it. as i stood in the courtroom, and i could see the calculation of votes, there also was a monitor, television monitor, and i could see the monitor indicated that the vote was failing. the stock market was directly proportional to what was happening with the vote. as the bill failed, the stock market was going down. the next day, my constituents were calling by the hundreds, what is wrong with you? you voted against the bailout.

[roll call] commissioner paulsen is excused from the meeting. and given the health and mayor breed have lifted the restrictions and this meeting is sell vised by sfgov tv. and for those watching on live stream b aware there is a brief lag between the livestream and to extend the sfgov staff for their assistance during the meeting. to make public comment, dial 415-655-0001, meeting i.d. 146 434 0611 pound, pound. and limit your topics to the agenda item and to be with the public comment made in a civil and respectful manner to refrain from the use of the manner and not to individual commissioners or staff. >> thank you. before going on, we talked earlier this year about acknowledging the first people and today is going to to be one of the acknowledgments we might have different ones at times, but that is something that we will do. so i am going to start. the san francisco puc acknowledges that it owns and the stewards of the unseated lands located within the historic territory of the ohlone tribe and other descendants of the historically federall

commissioner paulsen? >> so mr. ritchie, thank you so much for condensing in a short report, you know, both history and science and, you know, the -- you know, the reality of the drought and, you know, as well as the political, you know, astuteness or awareness of, you know, what the governor is doing to address that on a statewide basis. i just want to say that this is going to stand out more than some of the deeper technical questions that commissioner ajami was addressing, but one thing that did ring for me during your report was infrastructure, and i know that this is a national issue right now, and i think that, you know, what i just want to point out, you know, is that this department, as is the voters and the citizens of san francisco, you know, really have been behind, you know, putting together the infrastructure to make sure, you know, that the water and the sewers and that everything is going to be taken care of because we're never going to have, you know, the efficiency that we want to try to accomplish