THANKS JAIL. WELL, LET'S TALK
MORE ABOUT THESE NUMBERS AND TO
BREAK DOWN HOW THE MARKET IS
REACTING THEY GOT MAD ORTIZ A
VICE PRESIDENT AND PORTFOLIO
SPECIALIST AT CAROLYN TOWER
ADVISERS NAT IT'S GOOD TO SEE
YOU THIS MORNING. SO THESE
WEEKLY NUMBERS OUT A LITTLE BIT
BETTER THAN 137,000 PEOPLE
WITHOUT A JOB FOR THE FIRST
TIME LAST WEEK EVEN THOUGH IT'S
BETTER
THAN EXPECTED. WELL
ELEVATED FROM THE HIGHEST
NUMBER THAT WE WOULD HAVE EVER
SEEN BEFORE THE PANDEMIC WHAT'S
YOUR TAKE ON THESE NUMBERS.
>> YEAH, IT'S GREAT TO BE HERE
CHRISTIAN JUST LIKE
YOU SAID BEFORE IT'S
ENCOURAGING TO SEE THAT THE
TRAJECTORY AND THAT DIRECTION
WHERE THESE NUMBERS ARE GOING
TO STILL ON
THE RUN DIRECTION, BUT IT IS
DEFINITELY SLOWING AND I THINK
IT HIGHLIGHTS THE NEED FOR
ADDITIONAL FISCAL STIMULUS IN
THE ECONOMY WE'VE HEARD FROM
HOW WE'VE HEARD FROM MANY
DIFFERENT OFFICIALS THAT THAT
THERE IS DEFINITELY A NEED FOR
ADDITIONAL STIMULUS TO HELP
KEEP THE ECONOMY ON A RECOVERY
PATH AND HOPEFULLY THE NUMBERS
THAT WE HAVE TODAY WILL ALSO
CONTINUE TO PUSH POLICYMAKERS
IN
THAT DIRECTION. THE MARKET HAS
BEEN REACTING POSITIVELY MOSTLY
BECAUSE THERE IS THE HOPE THAT
ADDITIONAL FISCAL STIMULUS IS
STILL GOING TO BE PASSED BUT AT
THE END OF THE
DAY WEEK TALK TO OUR CLIENTS
AND OUR INVESTORS ABOUT WHAT'S
HAPPENING WHAT TO MAKE OF ALL
OF THE STATE. WE REALLY
HIGHLIGHT THE NEED TO HELP WITH
THE SHORT TERM.
CERTAINLY THE
DATA AND SHORT TERM IT CAN BE
ALSO ALL TONY CAN FEEL A LITTLE
BIT PEOPLE BUT WHEN YOU THINK
LONGER TERM IT'S STILL POINTING
TO A RECOVERY AND YOU HAVE TO
THINK ABOUT THE DIFFERENT
SECTORS THAT BENEFIT CONTINUE
TO WORK IN THIS WRITTEN BY OR
SO JUST LIKE YOU HIGHLIGHTED
BEFORE TRAVEL AND LEISURE HIM
YEAH.
>> NOW LET ME JUST JUMP IN HERE
BECAUSE I THINK FOR INVESTORS
WHO MIGHT BE LOOKING AT THE
STOCK MARKET TODAY AND SAY I
DON'T UNDERSTAND WE'VE HEARD
10'S OF THOUSANDS OF LAYOFFS
ANNOUNCED JUST THIS WEEK THE
AIRLINE SAID TO FURLOUGH 10'S
OF THOUSANDS EMPLOYS MORE THAN
30,000 JUST
ACROSS AMERICAN UNITED WHY IS
THE STOCK MARKET HIGHER AFTER A
TURBULENT AS SEPTEMBER IS IT'S
ON THE SOLE FACTOR THAT WE
ANTICIPATE MORE STIMULUS
AND WHAT DO YOU THINK OF THE
CHANCES THAT WE ACTUALLY GET
THAT STIMULUS BEFORE THE
ELECTION.
>> I DON'T THINK IT'S BASED
PURELY ON FUTURE STIMULUS
STIMULUS NARRATIVES CERTAINLY
HE IS IS MARGINAL FOR THE
MARKETS BUT WE'VE KNOWN SINCE
THE END
OF JULY I WOULD KNOW MOST OF
THE FISCAL BENEFITS EXPIRED
THAT YOU DIDN'T HOW DID IT
HAPPEN AND HE DIDN'T SEE THE
MARKET TRADING ON AUGUST IN
FACT. STRONG MONTH FOR THE
MARKET.
AND YOU HAVE TO THINK ABOUT
WHAT THE MARKET IS THE MARKET
DOESN'T IT WAS ROUGH. WHAT WHAT
IS HAPPENING. THE REAL ECONOMY
BECAUSE OF THE TYPES OF
COMPANIES THAT ARE DRY MARK
INFORMATION TECHNOLOGY
HAS BECOME MORE AND MORE
IMPORTANT THAN THE MARKET WHEN
YOU THINK OF THE AREAS THAT ARE
EXTREMELY PAINFUL RIGHT NOW THE
ENERGY SECTOR TRAVEL LEISURE,
THOSE
ARE SMALLER HOMES RIGHT NOW SO
I THINK THAT'S AN IMPORTANT
DISTINCTION TO MAKE. WHEN WE
LOOK AT THE
OVERALL MARKET AND WHEN YOU
THINK GOING FORWARD RIGHT NOW
THE STIMULUS DISCUSSION
IMPORTANT BECAUSE ONE OF THE
VACUUM OF A LOT OF CASH.
RIGHT NOW OF COURSE AND IT'S
GOING TO BE A
FEW WEEKS WE HEAR FROM
MANAGEMENT TEAMS BEFORE WE GET
CORPORATE EARNINGS REPORT FROM
THE LARGEST COMPANIES AND SO
IN BETWEEN IT COULD BE A LOT OF
VOLATILITY THAT THERE IS A LOT
OF FOCUS ON STATE THAT WHAT'S
GOING TO BE
REALLY IMPORTANT. HOW THIS DATA
IS ACTUALLY MANIFESTING ITSELF
IN CORPORATE.
DO THEY THINK THAT THIS
RECOVERY IS SUSTAINABLE AND
MOST IMPORTANTLY OUR THE
CONSUMERS THAT ARE ON THAT AND
HOW THEY'RE AT. SO THOSE ARE
SORT OF.
AND CLOSE ATTENTION TO AS WE
MOVE INTO THE FUTURE WEEKS.
>> SO IT'S INTERESTING AT THE
STOCK MARKET AT THE
STOCK MARKET TURNED TURBULENT
IN SEPTEMBER AT THE SAME TIME
THAT WE SAW MOST NOTABLY THE
RECOVERY SLOWING HAS SINCE THE
PANDEMIC FIRST BEGAN SO PERHAPS
PEOPLE
ARE PULLING MONEY OUT OF THE
MARKET BECAUSE THEY DID LOSE
THEIR JOB RIGHT THEY NEEDED A
LITTLE EXTRA CASH WITHOUT THAT
EXTRA $1200 STIMULUS CHECK
COMING FROM THE
FEDERAL GOVERNMENT. I JUST
WONDER IN TERMS OF A FISCAL
STIMULUS PACKAGE IF WE GET IT
AND KNOWING THAT THE RECOVERY
IS SLOWING HOW MUCH WOULD IT
REALLY HIM THE RECOVERY AND
KNOWING TO THAT WE'RE GOING
INTO THESE COLDER MONTHS COVID
CASES ARISING IN PEOPLE MIGHT
BE APPREHENSIVE TO GO OUT AND
SPEND.
>> ABSOLUTELY AND I THINK WHAT
HE SAID WAS THAT SUPPORT.
THE SCHOOL IS FULLY UNDERWAY
SUMMER IS COMPLETELY WORN OFF
YOU'RE DEFINITELY GOING TO FEEL
THE NEED FOR FOR SOME SORT
OF ADDITIONAL CASH IN PEOPLE'S
POCKETS AND IT STILL ISN'T YET
WE STILL DO KNOW WHETHER OR NOT
WE'RE GOING TO GET
THE SKULL AT THAT AT LEAST IF
WE DON'T AND IT REALLY WAS
LOOKS LIKE WE ABSOLUTELY NEED
TO
HAVE ONE. THE MARKETS ARE
PROBABLY GOING TO FORCE THE
HAND O C C YOU COULD HAPPEN TO
HIM.
THE SCHOOL STIMULUS WE'RE NOT
GOING TO BE ABLE TO CONTINUE
WANT TO ASK FOR YOU KNOW THE
GROWTH EVENTUALLY THAT COULD BE
AND MARKET THAT ARE
POLICYMAKERS DON'T PAY
ATTENTION TO SO REGARDLESS OF
WHAT'S HAPPENING WITH RESPECT
TO THE ELECTION'S OVER.
AND WHAT'S IMPORTANT THEN IS
WE'RE ACTUALLY INVESTING IS TO
TRY THROUGH A LOT OF THAT WAS
WHAT THROUGH SOME OF THESE
DIFFERENT SCENARIOS SITE WHICH
AREAS OF THE MARKET DO WE THINK
CAN BENEFIT REGARDLESS OF WHAT.
AND DURING THESE
ECONOMIC DISCUSSIONS NEXT WEEK
COME BACK TO SOME OF THESE
PREVIOUS WINNERS THAT SOLD OFF
A LITTLE BIT START OF SEPTEMBER
INFORMATION TECHNOLOGY IN
PARTICULAR SOFTWARE.
>> AND WE SEE INVESTORS BIDDING
UP SOME OF THOSE
INFORMATION TECH.
>> STAY WITH THE NASDAQ STILL
LEADING IN FUTURE STILL
POINTING TO GAINS AT DESPITE AS