chillax from tony dwyer. off the lows of the session. cannot blame him, but you look at the russell, small-cap stocks, they are positive on the day. if everything was going down, we would not necessarily see that. small caps the s&p on friday as well. jon: we have seen a lot of those gains that started at the beginning of november home. we will -- hold. we will continue to track the bottom equity landscape -- broader equity landscape. this is bloomberg. ♪ looking to save big on holiday shopping? xfinity mobile has you covered. don't miss your chance to get a free line of our most popular unlimited plan, now through the end of the year. and during our black friday sale, you can also get up to $800 off the latest 5g phones. xfinity mobile is on america's most reliable 5g network. so no wonder millions have switched to one of the fastest growing mobile services. now's your chance to get a free line of unlimited for 1 year when you buy one unlimited line. plus, save even more with up to $800 off an eligible 5g phone. click, call or visit a s

tony dwyer, i want to look at nominal gdp. are you looking for subpar revenue growth? a driver to tepid stocks given recession? tony: i am and we have been. if you look at the actual trajectory of revenue, it is coming down. we are still at a double-digit margin but again, that is because of the top 10 stocks. last august when inflation ran -- when inflation is ramping, and everyone got bought, that is the time to be super negative. now it is the time where we are looking for the opportunities because the average stock is gotten so beaten up throughout the last two years that a significant sustainable drop in yields is the only thing we can see that will kill the zombie. jonathan: gold, 2135 in today's session, pulled back sense but what is gold? tony: gold is the worst thing i'm calling. to me, unless you hit somebody in the head with it, i don't know what you can do with it stop it is not like you can shave off bits and spend money with it. every technician in the world sees the breakout to a new high, it is clear, what we found is that momentum can continue and typic

tony dwyer put it best, he said we are just going to chillax in the market. guy: we have come along way very quickly. a little bit of a pause might not be a bad thing. they need to figure out if they believe that the fed will cut as aggressively as is priced. they merger in the skies? i'm not sure that you want a merger in the skies. alix: that is a crash in the sky. guy: i'm not sure the data tells us much. revised a little bit softer but a little bit more than anticipated. durable goods come in back in line with expectations in the prior number. i'm not sure that it changes the world much, but the fury and the frenzy and what we have seen, i think on monday it feels a little bit more relaxed. alix: chillax. our question of the day is you can put this from a job or markets perspective, when do the cuts cause concern? it looks like maybe we don't get more hikes or we get cuts, when does that turn negative? when do we go from good to bad? >> a long time from now. the most optimistic is people like bill pac-man looking at the first quarter. we will have to see

. >> for more, let's bring in to dwyer. tony, welcome. you yesterday, i believe it was, put out a note talking about the current extreme overbought condition in the broad equity market. it's as if the market heard you. >> if only i had that kind of power, i'd be on the video on the commercial. >> by the way, welcome. >> great to be here, tyler. you know, it's -- as wre talking in the green room, if i walk up to guy and i told guy a bald-face lie right to him a the next statement i said to guy was, this one's right, i'm telling the truth, you would question it, right so, the note that you're referring to, tyler,e called it, now it's proving time, after you've had a bigally. on october 27th, when the market was poised to set the stage for a rally, what was it tling us then? everybody was thinking it was going to go to 6% on the ten-year, the -- 8 of the 11 sectors were negative on the year. all the indices except for the were down on theear, what was it tellings? it was time to buy. , we're now on oppose da and we hear th the market's telli