‘We’ve had the bulk of the gains we’re going to get’ in stocks, warns a disciple of Julian Robertson

He put on “put spreads” on the S&P 500 and the Nasdaq. In early trading on Monday, the S&P 500 has been down and up, continuing the volatility of last week, which ended with strong gains on Friday. The S&P 500 fell 4 percent for the week. In making his case for capped market gains, Gerstenhaber said he sees the Fed raising rates “multiple times next year” after hiking in December. The S&P 500 is coming off a 19.4 percent gain last year, on top of a 9.5 percent advance in 2016.


He put on “put spreads” on the S&P 500 and the Nasdaq. In early trading on Monday, the S&P 500 has been down and up, continuing the volatility of last week, which ended with strong gains on Friday. The S&P 500 fell 4 percent for the week. In making his case for capped market gains, Gerstenhaber said he sees the Fed raising rates “multiple times next year” after hiking in December. The S&P 500 is coming off a 19.4 percent gain last year, on top of a 9.5 percent advance in 2016.
‘We’ve had the bulk of the gains we’re going to get’ in stocks, warns a disciple of Julian Robertson Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: matthew j belvedere
Keywords: news, cnbc, companies, point, weve, rates, bulk, 500, gerstenhaber, market, sp, warns, robertson, going, stocks, gains, probably, fed, economic, disciple, julian


'We've had the bulk of the gains we're going to get' in stocks, warns a disciple of Julian Robertson

The stock market has basically topped out and won’t deliver the eye-popping returns that investors have become accustomed to in recent years, hedge fund manager David Gerstenhaber told CNBC on Monday.

“I’m not predicting a bear market at this point. I want to be very clear about that,” said the Argonaut Capital Management president. “[But] you probably don’t get a peak of substance in the market until the end of the economic cycle is in sight.”

Stocks traditionally tend to shoot up in the last legs of an economic cycle, Gerstenhaber said. While he did not predict when that cycle might end, he did say, “If things work out quite well, you probably get 3 to 5 percent over the market next year.”

Gerstenhaber is one of Julian Robertson’s first so-called Tiger Cubs, stars who managed money at Tiger Investment Management. As a trained economist, Gerstenhaber launched the macro investment group at Robertson’s shop, which was responsible for some of the fund’s biggest calls during the 1990s, such as betting on the collapse of the British pound and the sharp slide in crude prices following the onset of the Persian Gulf War.

About 10 days ago, Gerstenhaber said he thought the market looked vulnerable. He put on “put spreads” on the S&P 500 and the Nasdaq. He said he’s evaluating when to cover those “put spreads,” which are an options strategy for investors who are moderately bearish. “[The market] has gotten down to where I thought it was going to get in terms of the hard break.”

In early trading on Monday, the S&P 500 has been down and up, continuing the volatility of last week, which ended with strong gains on Friday. But those gains were not nearly enough to make up for the rout on Wednesday and Thursday. The S&P 500 fell 4 percent for the week.

“Looking back a year, the Fed was radically mispriced, in my opinion. It seemed economic growth was pretty strong. The Fed had indicated that they wanted to tighten and the market really didn’t believe it,” Gerstenhaber said in a “Squawk Box” interview.

But that changed on Oct. 3. After the market closed that day, Federal Reserve Chairman Jerome Powell said monetary policy was a “long way” from neutral, touching off concerns the central bank would hike interest rates more aggressively than forecast. The stock market has essentially been under pressure ever since as higher rates make equities less valuable.

In 2018, the Fed increased rates in three 0.25 percentage point moves in March, June, and September to a range of 2 percent to 2.25 percent. Another hike is expected in December.

After their September meeting, central bankers were projected on a path to raise rates to 3.4 percent, before pausing.

In making his case for capped market gains, Gerstenhaber said he sees the Fed raising rates “multiple times next year” after hiking in December.

“They are doing that against the backdrop of slower economic growth and slowing profit growth,” he continued. “The inflation rate is probably creeping up, in my opinion, given what we’re likely to see on wages at this point. So the Fed will keep going.”

Against that backdrop, Gerstenhaber said investors must be prepared for lower rates of return on financial assets. “It’s an argument for more cash, unequivocally at this point.”

The S&P 500 is coming off a 19.4 percent gain last year, on top of a 9.5 percent advance in 2016. The index was basically flat in 2015, after three straight years of double-digit gains.


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: matthew j belvedere
Keywords: news, cnbc, companies, point, weve, rates, bulk, 500, gerstenhaber, market, sp, warns, robertson, going, stocks, gains, probably, fed, economic, disciple, julian


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Tech tumbles again — three experts weigh in on whether the rout continues

Tech sector drags down stocks — Here’s what three experts say to do next 1 Hour Ago | 01:57Technology stocks’ painful sell-off dragged into another session on Monday. “Intermittently it gets some bad news, people think tech has had it, but the multiples have really dropped after last week. Nancy Davis, CIO of Quadratic Capital, sees opportunity in tech outside of the U.S. “The Chinese companies are doing much better, and it seems like China is also easing rates. I think there’s more asymmetry on


Tech sector drags down stocks — Here’s what three experts say to do next 1 Hour Ago | 01:57Technology stocks’ painful sell-off dragged into another session on Monday. “Intermittently it gets some bad news, people think tech has had it, but the multiples have really dropped after last week. Nancy Davis, CIO of Quadratic Capital, sees opportunity in tech outside of the U.S. “The Chinese companies are doing much better, and it seems like China is also easing rates. I think there’s more asymmetry on
Tech tumbles again — three experts weigh in on whether the rout continues Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: keris lahiff, marlene awaad, bloomberg, getty images, gabjones, maxim malinovsky, aly song, kcna, thomas barwick getty images, source
Keywords: news, cnbc, companies, continues, tech, youre, rates, outside, theres, weigh, rout, tumbles, experts, strategist, market, think, stocks, sector


Tech tumbles again — three experts weigh in on whether the rout continues

Tech sector drags down stocks — Here’s what three experts say to do next 1 Hour Ago | 01:57

Technology stocks’ painful sell-off dragged into another session on Monday.

FANG stocks Amazon, Netflix and Alphabet tumbled by more than 1 percent, while industry leader Apple fell 2 percent. The XLK technology ETF has tanked more than 8 percent since hitting the year’s highs in early October.

Here’s what three market watchers expect from the sector after recent weakness:

John Stoltzfus, chief market strategist at Oppenheimer Asset Management, says investors will jump back into a space that is now cheaper than before. “Intermittently it gets some bad news, people think tech has had it, but the multiples have really dropped after last week. Likely people will come back into the story. It remains solid to us,” said Stoltzfus.

Scott Wren, senior global equity strategist at Wells Fargo Investment Institute, says this is a normal market rotation that should circle back to growth stocks such as tech. “From time to time when you’re later in the cycle and there’s a little more inflation and a little bit more growth and the Fed’s hiking rates, you’re going to have some bouts of value outperformance, but I think overall those would be pretty brief,” said Wren.

Nancy Davis, CIO of Quadratic Capital, sees opportunity in tech outside of the U.S. “The Chinese companies are doing much better, and it seems like China is also easing rates. They’ve cut the reserve requirement for central banks, so they’re kind of an outlier to the rest of the world,” said Davis. “I like looking at Chinese tech. I think there’s more asymmetry on the upside there versus some of the U.S. tech.”

Bottom line: Tech weakness looks temporary, and the market will move back into high-growth stocks again. In the meantime, consider tech sector opportunities outside the U.S.


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: keris lahiff, marlene awaad, bloomberg, getty images, gabjones, maxim malinovsky, aly song, kcna, thomas barwick getty images, source
Keywords: news, cnbc, companies, continues, tech, youre, rates, outside, theres, weigh, rout, tumbles, experts, strategist, market, think, stocks, sector


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Stocks making the biggest moves after hours: Adobe, JB Hunt and more

Adobe stock rose nearly 6 percent during after-hours trading after it announced its growth strategy on Monday at its analyst meeting. Thomson Reuters predicts its fourth quarter earnings per share to be $1.89 and its revenue to be $2.43 billion. J.B. Hunt Transport Services fell as low as 3 percent during after-hours trading on Monday after the trucking company reported mixed third quarter earnings. The company reported earnings per share of $1.47, which beat analyst estimates of $1.38 per share


Adobe stock rose nearly 6 percent during after-hours trading after it announced its growth strategy on Monday at its analyst meeting. Thomson Reuters predicts its fourth quarter earnings per share to be $1.89 and its revenue to be $2.43 billion. J.B. Hunt Transport Services fell as low as 3 percent during after-hours trading on Monday after the trucking company reported mixed third quarter earnings. The company reported earnings per share of $1.47, which beat analyst estimates of $1.38 per share
Stocks making the biggest moves after hours: Adobe, JB Hunt and more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: waverly colville, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, revenue, transaction, hunt, hours, estimates, adobe, stock, jb, share, biggest, analyst, company, billion, making, earnings, moves, trading, stocks


Stocks making the biggest moves after hours: Adobe, JB Hunt and more

Adobe stock rose nearly 6 percent during after-hours trading after it announced its growth strategy on Monday at its analyst meeting. It estimates that its 2019 revenue to grow 20 percent year over year and its digital experience subscription bookings to grow by 25 percent. Thomson Reuters predicts its fourth quarter earnings per share to be $1.89 and its revenue to be $2.43 billion.

J.B. Hunt Transport Services fell as low as 3 percent during after-hours trading on Monday after the trucking company reported mixed third quarter earnings. The company reported earnings per share of $1.47, which beat analyst estimates of $1.38 per share. Revenues, however, missed expectations, with the company reporting $2.21 billion, coming in slightly below analyst estimates of $2.2 billion. J.B. Hunt stock later regained most of its post-market losses and traded positive.

Shares of Twilio, a cloud communications company, fell about 4 percent in post-market trading after announcing that it will acquire SendGrid in a $2 billion all-stock transaction. This equates to about $36.92 a share based on Monday’s closing price. The transaction is expected to close in 2019.


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: waverly colville, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, revenue, transaction, hunt, hours, estimates, adobe, stock, jb, share, biggest, analyst, company, billion, making, earnings, moves, trading, stocks


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Morgan Stanley: The stock sell-off is going to get worse

Wilson said last week that those rising interest rates served as the “tipping point” for the rolling bear market to finally hit the U.S. and “take out the last holdouts.” And he predicts the global liquidity issue is “going to get worse” as the end of the year approaches. However, Wilson pointed out to CNBC on Monday that we’re in the “last phase” of the rolling bear market. “That will probably be it for the rolling bear market,” he said on CNBC’s “Fast Money. “It’s going to be tricky in here th


Wilson said last week that those rising interest rates served as the “tipping point” for the rolling bear market to finally hit the U.S. and “take out the last holdouts.” And he predicts the global liquidity issue is “going to get worse” as the end of the year approaches. However, Wilson pointed out to CNBC on Monday that we’re in the “last phase” of the rolling bear market. “That will probably be it for the rolling bear market,” he said on CNBC’s “Fast Money. “It’s going to be tricky in here th
Morgan Stanley: The stock sell-off is going to get worse Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: michelle fox, spencer platt, getty images
Keywords: news, cnbc, companies, stocks, worse, going, rolling, rates, rising, weeks, morgan, selloff, market, wilson, sp, bear, stanley, stock


Morgan Stanley: The stock sell-off is going to get worse

On Monday, U.S. stocks failed to bounce back from last week’s sell-off. The Dow Jones Industrial Average closed 89.44 points lower, while the S&P 500 fell 0.6 percent and the Nasdaq Composite dropped 0.9 percent.

The action followed last week’s rout that saw the major indexes suffer their worst weekly loses since March thanks to fears about rapidly rising interest rates and a possible global economic slowdown.

Wilson said last week that those rising interest rates served as the “tipping point” for the rolling bear market to finally hit the U.S. and “take out the last holdouts.”

The move higher in rates is primarily due to the Federal Reserve accelerating its balance sheet reduction, along with the European Central Bank beginning to taper its quantitative easing program, he said in Monday’s note.

And he predicts the global liquidity issue is “going to get worse” as the end of the year approaches.

However, Wilson pointed out to CNBC on Monday that we’re in the “last phase” of the rolling bear market. He predicts perhaps another 10 percent decline in U.S. growth and small-cap stocks, or even 15 percent in some names.

He said the S&P 500 could get down to 2,600 or even 2,500 if “it gets really nasty.”

“That will probably be it for the rolling bear market,” he said on CNBC’s “Fast Money. “That’ll probably be a good place to start buying.”

He’s been favoring value over growth since those stocks have been going down less.

“There are names to buy. There’s been a lot of damage this year already and some bargains have been created,” Wilson said.

It’s just hard to pick stocks right now because of the liquidity situation, which is a market event, he added.

“It’s going to be tricky in here the next couple of weeks,” he said.”

— CNBC’s Keris Lahiff and Fred Imbert contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: michelle fox, spencer platt, getty images
Keywords: news, cnbc, companies, stocks, worse, going, rolling, rates, rising, weeks, morgan, selloff, market, wilson, sp, bear, stanley, stock


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Stocks could test lows before breaking out, Bob Doll says

Nuveen Asset Management chief stock strategist Bob Doll said the market is likely to re-test its lows before it can get back on the path to new highs. .. From mid-term election day out 12 months, the stock market has not been down in that period since the 1940s…It’s a nice bullish piece of history.” “The stock market can handle higher rates at a slower pace. You can’t have rates jumping 40 basis points in a couple weeks and expect the stock market to say ‘I don’t care.,” he said. Don’t sell ev


Nuveen Asset Management chief stock strategist Bob Doll said the market is likely to re-test its lows before it can get back on the path to new highs. .. From mid-term election day out 12 months, the stock market has not been down in that period since the 1940s…It’s a nice bullish piece of history.” “The stock market can handle higher rates at a slower pace. You can’t have rates jumping 40 basis points in a couple weeks and expect the stock market to say ‘I don’t care.,” he said. Don’t sell ev
Stocks could test lows before breaking out, Bob Doll says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: patti domm, david orrell
Keywords: news, cnbc, companies, test, rates, going, stock, growth, lows, months, bob, market, breaking, value, strategist, think, doll, stocks


Stocks could test lows before breaking out, Bob Doll says

Nuveen Asset Management chief stock strategist Bob Doll said the market is likely to re-test its lows before it can get back on the path to new highs.

“I’d be surprised if it’s over,” said Doll, chief equity strategist and senior portfolio manager. “The Friday rally and price points were pretty good, but the internals—the advance/decline line etc.—were not as positive as prices.I think we have to go back and test the lows.”

The strategist, in a phone interview, said the market could see a replay of the sell-off in January and February, when it took stocks a while to return to lows and then months to regain highs. “I don’t expect in two weeks to see an all-time high. Last time, it took six months and it could again,” he said. “It’s normal 5 to 10 percent corrections happen three times a year. This is only our second.”

“I feel pretty good the bull market is not over,” he said. ”

On Thursday, the S&P 500 hit an intra-day low of 2,710, a 7.8 percent decline from its all-time high in September. The S&P rebounded Friday, and was trading down 3 points at 2,763 Monday. Strategists have been expecting a positive end to the year, since the market is typically stronger after mid-term elections.

“I think the seasonal period that we’ll be heading into soon is more constructive,” said Doll “If you look at those studies, November to May does better. .. From mid-term election day out 12 months, the stock market has not been down in that period since the 1940s…It’s a nice bullish piece of history.”

But stocks will face new issues in the coming year. Doll said earnings and margins could be challenged, particularly since companies will have to pay up to hire workers in the current environment. After 2018’s earnings growth of about 24 percent, earnings growth is expected to slow to about 10 percent, according to Thomson Reuters.

“I’m not concerned about cost pressures yet but i am for next year…You can’t get low double digits without margin improvement and I think margins may not go up next year, and I think you’re going to have sales growth but sales aren’t going to go up 10 percent,” he said.

Doll said while the market was shaken by Fed Chairman Jerome Powell’s comments about the Fed having a ways to go with rate hikes, the sell off is actually technical in nature. “It always gets exaggerated as it did in February with risk party [trades] and people selling programatically. These things get exaggerated in both directions,” he said. “…There are programs out there that say when you break certain levels, you sell stocks. That’s momentum. Post the January-February correction I was firmly of the view that…half of it was the program stuff.”

Doll said the market can tolerate higher interest rates and a stronger dollar.

“The stock market can handle higher rates at a slower pace. You can’t have rates jumping 40 basis points in a couple weeks and expect the stock market to say ‘I don’t care.,” he said.

In the current rout, investors dumped growth and stocked up on value names, like consumer staples.

“It’s never black and white…It’s just get a little more balance in your portfolio. Don’t sell every growth stock you have but you better have some value in your portfolio. In the next six to 12 months, what’s going to outperform? I would say value,” said Doll. “Rising rates is part of it but we also have a broadening economy.”

Doll said trade wars, particularly with China, could continue to spook stocks.

“It’s going to be around for awhile. W’ere not going to solve China that fast,” he said.


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: patti domm, david orrell
Keywords: news, cnbc, companies, test, rates, going, stock, growth, lows, months, bob, market, breaking, value, strategist, think, doll, stocks


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Pot stocks rally after Canopy Growth buys US hemp researcher to help it grow marijuana better

Marijuana stocks rallied Monday after one of the largest Canadian cannabis companies announced that it has agreed to acquire a U.S.-based hemp company. Canopy Growth told investors its purchase of Evergreen, Colorado-based ebbu will “complement and accelerate” its ambitions to expand into new types of consumer products. Shares of Canopy Growth, which trade on the New York Stock Exchange, rallied 9 percent following the news. Representatives for Canopy Growth and ebbu were not immediately availab


Marijuana stocks rallied Monday after one of the largest Canadian cannabis companies announced that it has agreed to acquire a U.S.-based hemp company. Canopy Growth told investors its purchase of Evergreen, Colorado-based ebbu will “complement and accelerate” its ambitions to expand into new types of consumer products. Shares of Canopy Growth, which trade on the New York Stock Exchange, rallied 9 percent following the news. Representatives for Canopy Growth and ebbu were not immediately availab
Pot stocks rally after Canopy Growth buys US hemp researcher to help it grow marijuana better Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: thomas franck, chris roussakis, bloomberg, getty images
Keywords: news, cnbc, companies, canopy, largest, hemp, research, operations, cannabis, researcher, marijuana, help, stocks, rally, canada, pot, growth, grow, canadian


Pot stocks rally after Canopy Growth buys US hemp researcher to help it grow marijuana better

Marijuana stocks rallied Monday after one of the largest Canadian cannabis companies announced that it has agreed to acquire a U.S.-based hemp company.

Canopy Growth told investors its purchase of Evergreen, Colorado-based ebbu will “complement and accelerate” its ambitions to expand into new types of consumer products.

At closing, Canopy Growth will pay 25 million Canadian dollars in cash and issue 6,221,210 common shares to the research company in exchange for the assets being acquired.

“Intellectual property and research and development advancements achieved by ebbu’s team apply directly to Canopy Growth’s hemp and THC-rich cannabis genetic breeding program and its cannabis-infused beverage capabilities,” Canopy Growth said in a press release.

Shares of Canopy Growth, which trade on the New York Stock Exchange, rallied 9 percent following the news. Tilray, the largest player in the space, saw its stock rise 7.1 percent on the Nasdaq; Aurora Cannabis climbed 7.5 percent in Toronto.

Ebbu specializes in the purification and study of cannabinoids for product development, wholesale and research purposes, according to its website. It also uses patented plant genetics to maximize cannabinoid output by “boosting in-plant cannabinoid production and creating rare-cannabinoid-specific plants.”

Representatives for Canopy Growth and ebbu were not immediately available for comment.

Canopy was the first publicly traded cannabis company in North America in 2014 under the leadership of co-CEO Bruce Linton. The company markets medical marijuana products — including flowers and oils — in Canada, Germany and the Czech Republic and recently tightened its relationship with Corona brewer Constellation Brands.

The beer brewer is investing about $4 billion into the Canadian marijuana grower in its efforts to broaden its strategic portfolio as beer consumption in the United States declines.

And while the upside for Constellation appears obvious, the benefit is two-fold. A check from one of the world’s largest brewers is a welcome influx of capital for a handful of cannabis companies whose success will likely be defined by their ability to raise capital and scale production.

Likewise, a move to cut operations costs through more productive plants and better research could mean strong revenue growth for Canopy, according to Cowen analyst Vivien Azer.

“The deal will be complementary to Canopy’s current hemp operations in Saskatchewan, Canada. In addition, the transaction provides an opportunity for Canopy to reduce the cost of its CBD [cannabidiol] production by applying ebbu’s intellectual property,” Azer wrote Monday.

“We think this transaction is an important milestone to Canopy as it marks its entry into U.S.-based operations,” she added. “We continue to believe that Canopy will have a first-mover advantage in expansion outside of Canada and today’s deal represents an important first step vs. its Canadian peers.”

Recreational use of cannabis in Canada becomes legal Wednesday, though each of the country’s 10 provinces will be able to regulate the market within their jurisdiction independent of Ottawa.


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: thomas franck, chris roussakis, bloomberg, getty images
Keywords: news, cnbc, companies, canopy, largest, hemp, research, operations, cannabis, researcher, marijuana, help, stocks, rally, canada, pot, growth, grow, canadian


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Art Cashin: The stock market is like someone stumbling ‘in a dark room’

Markets trying not to stumble after last week, says Art Cashin 3 Hours Ago | 02:36The stock market is blindly trying to build gains after a devastating performance last week, closely followed trader Art Cashin said Monday. Cashin said investors have “had enough” of last week’s “shocking” market action, which saw the biggest weekly declines for the Dow Jones Industrial Average, S&P 500 and Nasdaq since March. Just reaching out to find out which way it can walk and not stumble,” Cashin, director o


Markets trying not to stumble after last week, says Art Cashin 3 Hours Ago | 02:36The stock market is blindly trying to build gains after a devastating performance last week, closely followed trader Art Cashin said Monday. Cashin said investors have “had enough” of last week’s “shocking” market action, which saw the biggest weekly declines for the Dow Jones Industrial Average, S&P 500 and Nasdaq since March. Just reaching out to find out which way it can walk and not stumble,” Cashin, director o
Art Cashin: The stock market is like someone stumbling ‘in a dark room’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, dark, trying, market, worth, nasdaq, stumbling, week, stumble, art, dow, stocks, weeks, cashin, room, stock


Art Cashin: The stock market is like someone stumbling 'in a dark room'

Markets trying not to stumble after last week, says Art Cashin 3 Hours Ago | 02:36

The stock market is blindly trying to build gains after a devastating performance last week, closely followed trader Art Cashin said Monday.

Cashin said investors have “had enough” of last week’s “shocking” market action, which saw the biggest weekly declines for the Dow Jones Industrial Average, S&P 500 and Nasdaq since March.

The heaviest selling of the week was on Wednesday and Thursday, when the Dow plummeted nearly 1,400 points, or more than 5.2 percent, in the two sessions.

Despite a strong rebound on Friday, the Dow and S&P 500 fell more than 4 percent for the week. The Nasdaq dropped nearly 3.75 percent for the week.

“What they’re doing this week is like a man in a dark room. Just reaching out to find out which way it can walk and not stumble,” Cashin, director of UBS’ floor operations at the New York Stock Exchange, said on “Squawk on the Street.”

Last week’s decline was fueled by concern the Federal Reserve might raise rates more than forecast. The central bank has already hiked rates three times this year, and one more is expected in December.

Stocks were slightly in the red at midday Monday, with tech stocks like Apple and Netflix bringing the Nasdaq lower. Cashin expects the technology sector to continue to be an underperformer.

He also said “a lot wild cards” could impact the market this week.

CEOs pulling out next week’s Saudi investment conference could have an impact on stocks, Cashin said, but as of right now there are minimal signs in the financial or oil markets.

U.S.-China trade tensions also remain a concern, Cashin said. Most recently, the U.S. levied duties on $200 billion worth of goods from China, prompting Beijing to put tariffs on $60 billion worth of U.S. goods.

Cashin began his career in 1959 at Thomson McKinnon. In 1964, at age 23, he became a member of the NYSE and a partner in P.R. Herzig & Co.


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, dark, trying, market, worth, nasdaq, stumbling, week, stumble, art, dow, stocks, weeks, cashin, room, stock


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Goldman says the sell-off is just about over and tells investors to get back into growth stocks

While investors wait for the sequel to last week’s market sell-off, Goldman Sachs strategists think the worst of it already may have passed. “We see limited further downside,” David Kostin, the firm’s chief U.S. equity strategist, said in a note. He added that the kind of pullback the market saw last week was common. “Despite the recent sell-off, equity fundamentals are strong and we remain constructive on the path of the S&P 500,” he added. Goldman’s year-end price target for the S&P 500 is 2,8


While investors wait for the sequel to last week’s market sell-off, Goldman Sachs strategists think the worst of it already may have passed. “We see limited further downside,” David Kostin, the firm’s chief U.S. equity strategist, said in a note. He added that the kind of pullback the market saw last week was common. “Despite the recent sell-off, equity fundamentals are strong and we remain constructive on the path of the S&P 500,” he added. Goldman’s year-end price target for the S&P 500 is 2,8
Goldman says the sell-off is just about over and tells investors to get back into growth stocks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: jeff cox, scott eells, bloomberg, getty images
Keywords: news, cnbc, companies, 500, recent, equity, market, sp, points, goldman, selloff, fundamentals, stocks, yearend, growth, tells, investors, worst


Goldman says the sell-off is just about over and tells investors to get back into growth stocks

While investors wait for the sequel to last week’s market sell-off, Goldman Sachs strategists think the worst of it already may have passed.

As Wall Street recovered from a nearly 6 percent sell-off from the most recent high in the Dow industrials that knocked more than 1,500 points off the blue chip index, Goldman’s experts said solid fundamentals should help keep a floor for stock prices.

“We see limited further downside,” David Kostin, the firm’s chief U.S. equity strategist, said in a note. He added that the kind of pullback the market saw last week was common. “Despite the recent sell-off, equity fundamentals are strong and we remain constructive on the path of the S&P 500,” he added.

Goldman’s year-end price target for the S&P 500 is 2,850, which looked somewhat pessimistic when the market was breaking records but now points to 3 percent upside from Friday’s close, and, perhaps more importantly, conviction that the market drop doesn’t have much further to go.


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: jeff cox, scott eells, bloomberg, getty images
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The stock market looks like it is due for more pain, even as it teases with comeback rallies

Aggregate Bond ETF (AGG) on Wednesday – just in time for bonds to rally and yields settle back a bit. So with stocks down a quick 4 percent in a week in a way that confounded the crowd, which direction is the “pain trade” from here? But at the moment it still appears the pain trade is to the downside — or, perhaps most diabolically, up first and then down harder. The fact that the market responded to these conditions — that it “bounced when it had to” is a net positive. Thursday’s low, near 2,71


Aggregate Bond ETF (AGG) on Wednesday – just in time for bonds to rally and yields settle back a bit. So with stocks down a quick 4 percent in a week in a way that confounded the crowd, which direction is the “pain trade” from here? But at the moment it still appears the pain trade is to the downside — or, perhaps most diabolically, up first and then down harder. The fact that the market responded to these conditions — that it “bounced when it had to” is a net positive. Thursday’s low, near 2,71
The stock market looks like it is due for more pain, even as it teases with comeback rallies Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: michael santoli, jin lee, bloomberg, getty images, richard drew
Keywords: news, cnbc, companies, teases, trading, comeback, market, yields, sp, week, looks, rally, pain, stocks, rallies, trade, shortterm, stock


The stock market looks like it is due for more pain, even as it teases with comeback rallies

The market last week hurt investors coming and going.

The 5.3 percent crunch in the S&P 500 on Wednesday and Thursday took the index back to early-July levels — inflicting buyer’s remorse on anyone who bid into the late-summer rally — while punishing the most popular huge growth stocks of technology the hardest.

In mid-week, an ear-splitting consensus that bond yields would keep rising drove the largest one-day withdrawal from BlackRock’s $53 billion flagship iShares Core U.S. Aggregate Bond ETF (AGG) on Wednesday – just in time for bonds to rally and yields settle back a bit.

Then came Friday’s rescue rally to thwart short-term traders’ geared for a typical Friday flight from risk. The major indexes lost a tentative morning rally only to carry higher in the final hour of trading by 1.4 percent to recoup a quarter of the preceding two-day loss.

(Futures pointed to a higher openingon Monday.)

A week ago, the case was made here that Wall Street’s bears had an openingto pressure the market in the short term, and they surely seized upon it. So with stocks down a quick 4 percent in a week in a way that confounded the crowd, which direction is the “pain trade” from here?

It’s never an unambiguous call — and the market doesn’t always take the path of maximum frustration for the greatest number of investors. But at the moment it still appears the pain trade is to the downside — or, perhaps most diabolically, up first and then down harder.

First, on Friday’s comeback: It was impressive without being decisive. Stocks had quickly become substantially “oversold,” the S&P stretched far below its trend and the vast majority of stocks primed for a bounce. The fact that the market responded to these conditions — that it “bounced when it had to” is a net positive.

Thursday’s low, near 2,710 for the S&P 500, is certainly a plausible short-term low for a trading rally that can recover more of the recent losses.


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: michael santoli, jin lee, bloomberg, getty images, richard drew
Keywords: news, cnbc, companies, teases, trading, comeback, market, yields, sp, week, looks, rally, pain, stocks, rallies, trade, shortterm, stock


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Ned Davis Research’s Ed Clissold: Earnings may save stock rally

According to Ned Davis Research’s Ed Clissold, the market is going through a panic reaction due to a change in the Federal Reserve’s posture on interest rates. “Currently, expectations are for 12 percent S&P 500 operating EPS [earnings per share] growth for 2019. He added: “We still think we can get a year-end rally once we get through this weakness here.” His thoughts came Thursday as the major stock market indexes fell sharply. He cited seasonal weakness along with geopolitical concerns for th


According to Ned Davis Research’s Ed Clissold, the market is going through a panic reaction due to a change in the Federal Reserve’s posture on interest rates. “Currently, expectations are for 12 percent S&P 500 operating EPS [earnings per share] growth for 2019. He added: “We still think we can get a year-end rally once we get through this weakness here.” His thoughts came Thursday as the major stock market indexes fell sharply. He cited seasonal weakness along with geopolitical concerns for th
Ned Davis Research’s Ed Clissold: Earnings may save stock rally Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-14  Authors: stephanie landsman, susana vera, drew angerer, getty images, getty images news, david a grogan
Keywords: news, cnbc, companies, stock, think, sp, retest, davis, clissold, rally, researchs, save, stocks, indexes, ed, earnings, weakness, ned, market


Ned Davis Research's Ed Clissold: Earnings may save stock rally

This factor could help push stocks back into rally mode 8:26 PM ET Thu, 11 Oct 2018 | 01:19

The man who called the latest sell-off believes earnings hold the key to saving the year’s historic rally.

According to Ned Davis Research’s Ed Clissold, the market is going through a panic reaction due to a change in the Federal Reserve’s posture on interest rates.

Yet he also believes the damage will ultimately be contained by strong quarterly earnings and guidance.

“Currently, expectations are for 12 percent S&P 500 operating EPS [earnings per share] growth for 2019. That’s down from 26 percent this year. If we end up around 12 percent, I think the market will be just fine,” Clissold, the firm’s chief U.S. strategist, said on CNBC’s “Futures Now” last week.

He added: “We still think we can get a year-end rally once we get through this weakness here.”

His thoughts came Thursday as the major stock market indexes fell sharply. By Friday, the Dow and S&P 500 rebounded, but it wasn’t enough to pull the indexes back into positive territory for the week. Both indexes are down more than 4 percent in the last five sessions.

Clissold predicted the markets were vulnerable to a 5 to 10 percent pullback on “Futures Now’ about a month ago. He cited seasonal weakness along with geopolitical concerns for the weakness, but contended stocks would recover strongly before year’s end.

“Certainly, it’s a volatile time,” he said, adding that stocks weren’t quite out of the woods yet in a special note to CNBC on Friday.

“After such severe selling, there is almost always a retest. We will be watching for signs of a successful retest in the coming days, namely fewer stocks leading to the downside as the popular averages approach or even breach the lows,” Clissold wrote.


Company: cnbc, Activity: cnbc, Date: 2018-10-14  Authors: stephanie landsman, susana vera, drew angerer, getty images, getty images news, david a grogan
Keywords: news, cnbc, companies, stock, think, sp, retest, davis, clissold, rally, researchs, save, stocks, indexes, ed, earnings, weakness, ned, market


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