OPENING BELL.
SLIGHTLY BELOW THE 1.4 MILLION
THAT WERE EXPECTED THE
UNEMPLOYMENT RATE THOUGH FELL
BELOW 10 PERCENT FOR THE
FIRST TIME IT'S THE PANDEMIC
SHUTDOWN IN MARCH COMING IN AT
8.4% FOR MORE ON THIS WE'RE
JOINED BY KEITH FITZGERALD THE
CHIEF INVESTMENT OFFICER AT
IT'S
CHARLES GROUP. KEEP LET'S TALK
ABOUT THESE NUMBERS CERTAINLY A
MILESTONE TO SEE UNEMPLOYMENT
AROUND 8%. I YOUR REACTION TO
THIS REPORT.
>> WELL NUMBER ONE THIS IS
FABULOUS BECAUSE MILLIONS OF
AMERICANS HAVE BEEN HURT VERY
BADLY AND VERY DEEPLY BY THE
SUN HER CRISIS SO I'M THRILLED
TO SEE THE NUMBERS COMING IN
BETTER THAN EXPECTED. NORMALLY
NUMBERS FROM THE GOVERNOR MORE
COOKED THAN CHRISTMAS GOODS
ANYWAY, BUT YOU KNOW WHAT UNDER
THE CIRCUMSTANCES I WILL TAKE
HIM.
>> BREAKDOWN THIS SECTOR
BY SECTOR ARE THESE GAMES WERE
SO GOVERNMENT JOBS GOT A HUGE
BOOST 344. NEW JOBS CREATED A
LOT
OF THAT THOUGH CENSUS WORKERS
AND THOSE ARE TEMPORARY
WORKERS. RETAIL GAINED ABOUT
249,000 JOBS.
BUSINESSES ARE SERVICES UP A
197,000 LEISURE.
ADDED A AND EDUCATION SERVICES
GAINED ABOUT A 147,000 NAYS ARE
REALLY HARD.
WHAT DO YOU MAKE OF IT DOES
THIS BREAKDOWN TELL YOU WHICH
SECTOR IS MAY BE ENTICING TO
INVEST IN.
>> WELL AGAIN, YOU KNOW THESE
ARE NUMBERS THAT ARE VERY
CONSISTENT WITH WHAT'S
HAPPENING IN OUR ECONOMY
RIGHT NOW THEY ARE
ABSOLUTELY A ROLL CALL FOR THE
REOPENING THE GOVERNMENT MAKES
SENSE BECAUSE WE'VE GOT A LOT
OF GOVERNMENT AT THE MOMENT AND
YOU KNOW THAT'S NOT A LOADED
STATEMENT THAT THE STATEMENT
OF FACT ANYTHING IN THE
SERVICES BUSINESS THAT TELLS US
THE ECONOMY IS COMING REOPEN,
SO, I'M LOOKING AT THIS AND I'M
THINKING TO MYSELF YOU KNOW
THIS IS NO LONGER ABOUT THE
REOPENING TRADE WHICH IS SORT
OF A TRADEMARK PHRASE ON WALL
STREET RIGHT NOW THIS IS ABOUT
WHAT HAPPENS IN
SPITE OF OR AS A RESULT OF THE
RECOVERY TRADE SO WE'RE MOVING
ONE STEP BEYOND THAT MY MIND
AND THAT'S WHAT THIS DATA
SHOWS.
>> LET'S TALK ABOUT THE MASSIVE
SELLOFF.
BUT THIS WAS ACTUALLY PROBABLY
HEALTHY THAT THE MARKET
WAS OVERVALUED. DO YOU THINK
THE MARKET IS DUE FOR A MAJOR
CORRECTION DO YOU THINK THIS
WAS A ONE-DAY LIP. WHAT DO YOU
MAKE OF IT ALL.
>> YOU KNOW IT'S INTERESTING
BECAUSE YOU TALK ABOUT WHICH
SECTORS
GOT HIT YESTERDAY IN THE
NUMBERS THAT CAME OUT TODAY,
YOU KNOW WE'RE LOOKING AT
THINGS LIKE DIGITAL CURRENCIES
AND BANKS AS A RESULT OF THIS
BIG TECH IS STILL DOWN THIS
MORNING BUT THAT IS ABSOLUTELY
NORMAL BECAUSE THAT WAS
THE STUFF THAT WILL CAME INTO
YESTERDAY REALLY HOT SO I DON'T
PARTICULARLY
HAVE ANY WORRIES ABOUT WHETHER
THIS IS A MAJOR CORRECTION A
ONE-DAY SELL OFF
TO ME ME THAT WAS PROBABLY
ABOUT IT IN TERMS OF ITS
COMPUTERS FOUGHT IT OUT ALL THE
WAY ALL DAY LAST ITER
YESTERDAY. SO IF WE CAN GET ANY
KIND OF PUTTING IN HERE THIS
MORNING AT THE OPEN AND THEN I
THINK WE GO RIGHT BACK TO
BUSINESS AS USUAL THE MONEY
COMES RIGHT BACK IN
IN THE OTHER STUFF CATCHES UP
NOT SO MUCH THE TECH STUFF
FALLS.
>> HAS THE STOCK MARKET AND
JUST PEOPLE IN GENERAL ARE WE
ALL TOO RELIANT ON BIG PACK.
>> NO WE'RE NOT IN AND I'LL
TELL YOU WHY THIS IS A VERY
INTERESTING NEW WANT
I THOUGHT LONG AND HARD ABOUT
OVER THE LAST 30 45 DAYS IN
PARTICULAR MANY PEOPLE SAID
THAT AUGUST WAS A MONTH WHERE
EVERYTHING GOT TO NARROW
BECAUSE THERE WAS TOO MUCH
FOCUS
ON TECH. I DON'T PERCEIVE IT
THAT WAY I THINK WHAT HAPPENED
IS FOR THE FIRST I MEAN MAYBE A
DECADE
PEOPLE ACTUALLY FOCUSED ON WHAT
THE BET FOR THE NEXT 5 TO 10
YEARS IS THEY GOT MORE
SELECTIVE.
HYPER FOCUSSED ON OUR CHANGING
WORLD SO TO ME THE THING THAT
WAS SURPRISING ABOUT AUGUST
WITH NOT CONCENTRATION
OF TECH, BUT THE FACT THAT MANY
MEDICAL COMPANIES WERE LEFT OUT
MANY HEALTH CARE INSURANCE
COMPANIES WERE LEFT OUT THE
BANKS IN FACT GOT LEFT BEHIND.
SO I THINK THERE'S STILL SOME
OF THAT REBALANCING THAT'S GOT
TO CATCH ON BUT BUT TO ME I'M
NOT WORRIED ABOUT THE
TECH BECAUSE OUR FUTURE IS
BEING DIGITIZED AND THOSE ARE
THE COMPANIES ARE GOING TO WIN.
>> REALLY GOOD POINT WHAT ABOUT
THE UPCOMING ELECTION. WE KNOW
THE VIX IS RECORD HIGH LEVELS A
LOT OF CONCERN THAT WE'RE JUST
NOT GOING TO KNOW WHO THE
PRESIDENT IS PERHAPS 4 WEEKS
UNTIL AFTER.
>> YOU KNOW THAT ONE IS AN
INTERESTING ONE IS YOU
KNOW I WHAT SADDENS ME IS THAT
WE HAVE LOST THE ABILITY TO
TALK CIVILLY ACROSS THE AISLE.
IT DOESN'T MATTER WHETHER
YOU'RE DEMOCRAT LOOKING TO THE
RIGHT A REPUBLICAN LOOKING TO
THE LEFT YOU KNOW THE THING
THAT IS UNSETTLING TO ME IS A
FINANCIAL PROFESSIONAL BECAUSE
I DON'T HAVE THE LUXURY OF
PICKING SIDES IS THE FACT THAT
WE CAN I HAVE THIS CONVERSATION
SO I THINK THE VIX REFLECTS THE
UNCERTAINTY AND THE UNCERTAINTY
IN TURN REFLECTS THE LACK OF
PRICING SENSITIVITY. AND MY
WORRY, NO MONEY THAT'S NEW
POLITICS BUT POLITICS THANKS IT