tony dwyer has been one of the of ingenuity.r said there will be no recession. now the facts have changed. we have a new president. tony, after a big bowl run -- after a big bull run goes to neutral. this is not connected equity market chart. it is a dollar chart. it is a bloomberg dollar index, and this move shot appear off the trunk election, the blue circle, is the election. aresay the equity markets about credit. i would say credit is about the dollar paid link them together. tony: i would say the most controversial call i have right now is that the dollar is not going to strengthen like everyone thinks it is going to strengthen. the reason -- i know bob could weigh in on this -- the dollar does not have a significant and sustainable surge higher when the global economy is getting better, especially emerging currencies and commodity prices. if you think about times like the late 1990's, think about this cycle, the dollar index surges when american economies are in trouble in currencies are getting hit. analysis fromul tony d

tony dwyer, thank you. >> thank you, brian. >>> all right, guys. so let's trade it. it being tony's viewpoint. >> tony -- good. >> i agree. look, we're in a position right now where you could see a pullback in other than overheated sectors. even those overheated sectors for the long-term investor, like the financials, this is almost the tenth year of them being down and out. look at technology and how long it took for them to rebound after the devastation we saw in the internet bubble. i look at it and say we're coming out of something really interesting right now. a long-term investor shouldn't question even those levels. >> first, happy holidays to all of the viewers. if you look at a long-term relative performance chart of the financials, you're out of your mind if you're selling that chart. that's coming out of a big base and just getting going. sorry to cut in again. >> tony, thank you very much. >>> on deck, one of this year's hottest trades may be poised to cool off. if it does, may spell trouble for you, even if you're not invested this group. i'm "rogue one".

why tony dwyer says stocks are losing their mojo.nd could be trouble for the rally and your money. a top technician is here to explain. and later, check out shares of biogen falling after a new ceo. don't worry, that ceo will join us later in the showor

chief market strategist and co director of research tony dwyer is here along with cnbc fast money traderguy adami and rick santelli stays late to check in from the cme. it is a pleasure to have everybody here. what are your thoughts on the market? >> the dow up and most of the market took a rest today. if you look at the average s&p down about a half a percent. this is the kind of reset or pullback days we have had. it has been very mild. when the typical trump trade stuff, small caps, transports take a rest as they did today you had some of the yield sensitive defense doing okay. to me the big question is bigger picture is the market a little bit stretched to the upside. can we count on that late december strength and do we have to see sentiment come up. >> as art cashin indicated more than a billion dollars to buy. if a dip of 2.5 points on the s&p can bring out that interest do you think that is what is going on here? >> what happens is everybody has gotten bullish and corrections are natural, normal and healthy until they come in. once everybody gets bullish and measures that 58% are

i don't want to make too much about it, but when you see someone like tony dwyer move, that gets yourrst word news in london, here's said selleck. electors will be gathering to formally select donald trump as president. antitrust forces are trying to deny him the white house. protests are planned for state capitals, trying to dissuade electors to dump-in. -- dump-in. gunmen left saieven daead, and at least 34 others wounded. had lastedly several hours and four gunmen were killed. there was no immediate claim of response ability. in south korea, the jailed confidant of the president was denied on the first area for trial that she used her presidential ties to extort money. today's hour-long hearing was the first public appearance in weeks for her. the scandal of the president's impeachment after millions to the street in protest. -- the celebrity ho stess appeared in movies and of roadways, as well as nine marriages. she was 99 years old. global news, 24 hours a day, powered by over 2600 journalists and analysts in more than 120 countries. i'm sebastian salek, and this is bloomberg. gu

tony dwyer was adamant in a research note, the comparisons of trump to reagan are unfounded.as changed. scarlet: that has been a big point of debate among economists. michael mckee reporting from the federal reserve. we will check in with him as we get the decision at 2:00 p.m. and carl riccadonna, chief economist at bloomberg intelligence. thank you for the setup today. coming up, we have the credits week vice-chairman of economic research -- credit suisse vice-chairman of economic research with his take on monetary three. this is bloomberg. ♪ tom: "the fed decides." scarlet fu, joe weisenthal. i am tom keene. the reason we are here is a good conversation economics, finance, investment, all of this on bloomberg television and bloomberg radio worldwide. now we need to get it started. we have neil sauce of credit suisse can arguably inventing credits respect,, now the vice-chairman of the shop. he recently invented the phrase for me "ring fence." he did this in the crucible of 2007 and 2008. at the press conference today, janet yellen has to ring-fence donald trump. how will s