tv Making Money With Charles Payne FOX Business October 4, 2019 2:00pm-3:00pm EDT
♪. neil: all right. i didn't know they were going to us. go to charles right now. jerome powell getting ready to set stage. he has very busy hour. charles, i will hand it over to you. charles: thank you, very much, all eyes on jerome powell. great to be back. markets are up. chairman powell will hold a question and answer session called, the fed listens. he is expected to address today's jobs report and this week's market volatility and a slowing world economy. trade worries will come up as well. let's bring in edward lawrence with more on powell's comments. reporter: exactly what he was saying. he already started speaking. chairman of federal reserve jay powell says the economy is in in a good place. it is the fed's job to keep it there. what he has not said in the news conference and last fed statement that the fed will do what is necessary to keep the
economic expansion going. he is speaking at a fed is listening event at the headquarters in washington d.c. where they make the decision whether to cut interest rates or not. powell says the inflation is running close to or just and 2% target range. some members of the fomc that the inflation under that target is a big deal. more people are making more money, yes, but that is not enough money there to put inflation pressures in this economy. that is a signal that the fed may undershoot inflation expectations again. and the chairman believes that the tools that are being used right now are effective on the economy. although he does worry that the u.s. economy as well as world economies are facing challenges like low growth, low inflation low interest rates. the reason he says low interest rates because in this speech he is concerned that the lower federal funds rate does not leave a lot a lot of room if tht
downturn comes to support the economy. now the fed is getting input at these event to see if they need to change monetary policy, how they communicate or how they do monetary policy to meet mandates of low inflation, stable prices and maximum employment. charles, back to you. charles: edward, thank you very much. let's bring in catherine rooney vera and sure vest chief investment strategist rob luna. i want to break down powell's comments. catherine, this is the way i saw it coming today. i think the fed is set up the same way. february 19th the fed hiked rates. jay powell said we're on autopilot. the stock market was crushed. went down 1400 points from that date to christmas eve of the absolutely destroyed. january 4th, a week later, powell says no, we're ready to change course significantly. no longer was wage inflation, price inflation, the dow rallied
774 point that session. rallied almost 4,000 point between january and april. i think we're in a position where the fed at least, wall street believes the fed may step in. could something like that happen again? >> absolutely. you really nail i had it on the head charles. the fed has lost a lot of. the next move that will be a hike in 2021. what, the very same day, charles did the markets price in? 90% chance of a rate cut by the end of this year. the fed follows the markets. so despite whatever chair powell might say, my money is really on an october 30 rate cut, yes, for sure. charles: rob, to that point, as of this week a last couple sessions were rough enough for markets price in two rate cuts, one later on this month, one in
december. of course the purists will say why do we need it. what do you think the fed will say, rob? what would be their argument if they do go through with this? >> i think charles, katherine hit it on the head. i think the economy is definitely slowing down. you saw the ism number drop to the lowest level since 2009. if you look at wages, wage inflation is not there growth is really not there. so i think there is no reason for the fed not to cut, especially at the october meeting. i think it is more of the same, charles. actually if you're an investor in this market i think it's a goldilocks scenario. you have 1.5% 10-year, you have got the fed on your side. these pullbacks are an opportunity if you're a long-term investor in our view. >> charles, can i jump in here a bit? how spectacularly will the market collapse if the fed doesn't cut three times the market is currently pricing in and/or, if elizabeth warren wins iowa, new hampshire first week
of february. this will be a collapse of market sentiment. it will retrace all the gains since 2016. i think client should position for that amount of volatility. charles: so i want to get back to positioning but we have breaking news. just moments ago the federal reserve is extending that so-called repo program, remember folks essentially our financial system ran out of money couple weeks ago. happened on a wednesday. no big deal they injected 75 billion. next day they injected more money 280 billion four days. we'll go through october 10th. guess what? they extended it again it will go through november 4th. rob, all experts it is something not something we should be concerned about yet the idea that the federal reserve could be caught this flat into thed, now having to enact emergency measures. >> no, charles, it is interesting, talking to a lot of guys on the fixed income side getting our arms exactly what is
going on here. the problem guys smarter than me do this on day-to-day basis aren't sure what is going on that. is a red flag. to katherine's point, i think investors need to keep an eye open. when you're seeing headlines like this come across it should take a pause. charles: on september 4th, the fed balance sheet was 3.76 trillion. today it is 3.945 trillion. they have already started to build this up. you look at this on a chart, it looks like a classic hockey stick. katherine, maybe there was too much tightening quantitative tightening? maybe they should have been less aggressive with the fed rate hikes. you're right if we don't get a rate cut later on this month the market will go down. seems all indications are that the fed knows they made a huge mistake with the quantitative tighten and some other actions. >> the results of drying up liquidity we've seen in the overflight repo market is one of
the undesired consequences of quantitative easing. charles: quantitative tightening? >> well, quantitative easing we took from one trillion to 4 1/2 trillion dollars. charles: right. >> that is manipulation of the markets. the fed is trying to readjust. that caused dislocation in the market. it all started with a very interventionist, very proactive fed. we see it in the ecb as well and i really hope, charles, we do not follow the path of the ecb, they have negative interest rates, negative deposit rates and negative interest rate policy. it doesn't work. interventionallist, global central banks don't work. neil: i have only a minute left. you mentioned some strategies. tell me how you're positioning people because i want to get rob's ideas as well. >> absolutely. put options, put options for march options. cost you 4%. if you relinquish 4% you can
protect your positions in front the biggest risk, elizabeth warren currently not priced into the s&p 500. charles: rob? >> yeah. charles, we're not buying put positions. our investors are long-term investors. we're looking at a longer term time horizon. we're looking at the landscape out there, charles. i think this environment you're not necessarily going deep into the s&p 500 but there are several companies out there with good dividend yields, that are raising their dividends. companies like pepsi. look what pepsi did yesterday up 4%. another 1% today. you're getting almost twice the yield of a 10-year treasury. the thing about elizabeth warren i completely agree with that the question with investors if that doesn't happen, sitting in cash or 1%, how far do you have to catch up to that. that is dangerous trade if our position. >> let the put expire. charles: a lot of stocks. a lot of stocks yielding more than the bond market. some are very healthy. and underlying stock may go up
as well. katherine, thank you very much. jaw powell speaking a few hours after the unemployment rate out. the unemployment rate five decade low since 1969, 3 1/2%. president trump you know was touting those job numbers today. >> we haven't had numbers like this in a long time. wages are up by almost 3% that is a fantastic increase for everybody out there working. we're very happy about those numbers. charles: the jobs report coming as recent data shows u.s. manufacturing continues to weaken. the manufacturing miracle could be fading here. how should president trump respond? i want to bring in fox news contributor liz peek. liz, i saw a dishonest chart yesterday that talked about the rate of growth in manufacturing. the reason i say it is dishonest, something goes from zero for years, goes to 10 and goes to five, the rate of growth is down 50%, right?
i thought it was dishonest. i looked at meese numbers, i looked at manufacturing in wisconsin, pennsylvania, michigan. we have peaked there. if we peak and start to slide a little bit into the election, that could have an impact, couldn't it? >> it all has to do with confidence. ceo confidence bean began to trail down, i don't know, three or four-month ago. democrats don't believe corporations are people but they're actually run by people. you have to have people confident to make a decision, build new plant, invest in inventory, lead to economic growth in the manufacturing sector. that is not what we're seeing. no question in my mind the trade battle with china has hurt ceo confidence. they don't really know what the next steps are going to be. charles: there is a danger for that with a ceo. earlier this week, thor industries maker of rvs was up 22%. what struck me dealer
inventories are at two-year low. i show up to buy a 100,000-dollar rv, you don't have it, you made a huge mistake as a ceo. if you want to be cautious with a consumer out there spending? >> no question the manufacturing sector, capital spending we're looking at, yikes, that is really not good, that is the second wave. first wave is having inventories supplying a hungry consumer. today's jobs report is no different than what we've seen. good consumer sentiment report out from bloomberg, still high and increasing. the consumer is still responding to incredibly low unemployment rate and rising wages by spending. remember the savings rate is 8%. the consumer is really good shape. charles: households have dry powder. they're spending money. they are self-regulating. i got a lot of things that i want to hit you with.
bayou business went out of business. governor said because of the tariffs. the company to my knowledge hasn't said anything yet. the white house has to be very cog any ant of these things happening and being used for political fodder. >> you can't imagine they are not politically senttives. they know what is happening not just to manufacturers. we've seen small companies in particular go out of business but also to farmers. that is one reason we want to see the usmca get passed because that will help americans farmers. there is no question, the white house -- larry kudlow was making optimistic noises about the trade talks which resume at a high level next monday. everybody wants this to be resolved. charles: i've already predicted they are going to delay the october 15th and december 15th tariff hikes. i'm saying that will be the word. that is my prediction. >> look, anything like that will be accepted very enthusiastically by the stock market. stock market drives consumer
sentiment. keeps the consumer spending. it is a very virtuous cycle up until very recently has been entirely on track. they will try to get it back on track. charles: unemployment rate after 3 1/2% helps a lot. this is not a phony number that people left the labor force. almost 100,000 came back. >> exactly. more than 100,000 came back. charles: have a great weekend. >> you too. charles: stocks are brushing off impeachment fears. instead they focused on the economy throughout the week but how long could it last? we're monitoring a fed officials holding a q&a in washington, d.c. we'll bring you headlines as they materialize. former imf chief economist ken rogoff is joining me later in the hour if it is time to shake up the central banks, the imf, the large organizations. do they work anymore? we'll be right back. ♪ cologuard: colon cancer screening for people 50
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there is no subpoena. voluntary request of secretary pompeo. this is all a farce. if it is the end of our democracy the danger to our republic, end of the free world, why would nancy pelosi make a grand pronouncement go home for two weeks. neil: charles: rick? >> i i you will be surprised to find how little a farce it is but time will tell. oddly i do think the house should hold a floor vote starting inquiry, and tradition, because she has the votes. i have bad news for the president, if he thinks he can use the fact that she didn't -- there is no law. charles: why wouldn't she? >> i know why she wouldn't. it is political. she doesn't want to expose the members in close district. >> so it is all political? >> no it as not. that part is political. not even chose to all. why republicans in the house want to have it to expose and cause trouble. charles: bottom line, if it's a shall dung, it shouldn't matter.
>> it matters -- charles: if there is so much evidence and so overwhelming you would be doing your job as on a le he canned official? >> are you new to politics? i happen to agree with you. charles: no. messaging to the public is that this is slam dunk. >> they should do it. i actually agree but if the president thinks that the fact where there is no law, no rule in the jefferson manuel which guides the rules of house that says this has to happen, how in the world does he imagine it will serve as an excuse -- let me finish, serve as an excuse for not turning over documents? no court will go for it t should make you guys wonder why he feels the need to do such a lame reason? >> rick, if they do this, put out subpoenas. >> they are going to put out subpoenas. >> so far according to the media, and democrats, these are ready to go. pompeo is to be called. white house is put out subpoena.
put it before the court and system. >> you say -- >> let me give you credit which i rarely give you credit. >> let him give me credit. he rarely does. charles: for the democrats though, they have come up with dry holes on just about everything, let's face it. >> in this? charles: russia, racism, landing air force planes in scotland. almost every other week there is a reason to impeach starting from inauguration. how great after risk is it that they go through this with this, nothing happens on eve of election. >> we don't know because we haven't seen the evidence yet. we've seen very little evidence. charles: is there evidence, david? >> we know where the evidence is. >> well if it is have dissemination -- charles: transcripts of ukraine. >> it just started. charles: they all just started. we're tired of it. took three years and millions of dollars. >> it just started even if you're tired of it. >> have realistic look at the world inside of washington, d.c. how they communicate with each other.
they talk to each other. they ask key others about key issues. perfectly okay to deal with it, their attorney generals. equivalents. okay to do that. political fight, put them on the record. rick and i are in agreement. won't have vote on the floor. why democrats are afraid of this. they know that if they can't produce something that comes up with a slam-dunk, all they can do is play this out until they come back. they can -- >> why would that be a reason? charles: got to leave it here. we'll pick up this conversation. might be -- >> this one will be here for a while. >> looking to destroy biden to get to trump. think about that. charles: the cp effect kicked in here folks. we're up 200. now we're up 281. i gave a speech in texas. the market turn 400 points as i was speaking. by the way, this jobs report today. get this employers are pushing robots into the workforce. they say to help their
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charles: we've been hearing sometime robots are coming for our jobs what if instead the robot became your coworker? human worker shortages plagued the manufacturing industry for a long time in part due to the skills gap. one company said cobotics a way to fill that. grady trimble is in live in illinois. reporter: the idea robots and humans can work side by side harmoniously. i will start this one right now, you will see the arm kicks into action. what it is doing turning parts like this, shaping it into parts like this that are actually
useful and can to into a machine. the idea a human used to have to load each piece over and over again. that is kind of a mundane task. with this human focuses on parts inspection and they can program the robot not to worry about this. i want to bring in craig, founder of fusion oem where we are. this was the employee's idea. they're not afraid the jobs are going to being taken by robots. they came up with the robot idea? >> that is exactly true. our team came up with the idea, that is great way of beating the skills gap. people are working here on more cerebral tasks. robots do more robotic tasks. this gives opportunity for them to learn a new trade here. reporter: there is something like half a million manufacturing job openings in the country right now. this helps you fill them. helps you get past the entry level jobs because they're actually doing computer programing essentially on the
robots. you helped train them in that? >> faster learning curve to teach cobots in a manufacturing environment for example, the cmc code they would have to learn. reporter: a lot more efficient. you told me earlier there is 26% improved efficiency because of this. you haven't had to cut any employees or anything like that. so that can be gained. this might be the future of manufacturing jobs, charles. charles: might be. grady, thank you very much. informative stuff. first he was slipping in the polls. now joe biden is lagging in fund-raising, while elizabeth warren is. formidable candidate. both of them targeting wall street. is wall street ready for some calling oncoming war. 2,000 fence posts.
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elizabeth warren put out a tweet. 300,000 first-timers, average of $26 each. that to me seems like it is more than just the money but it seems to me to be a grass roots revolt bubbling up there. >> if you look at her campaign, the warren campaign, not only campaign matured on number of fronts, her stances, her professionalism, her staff, her narrative, political athleticism seems to be growing f you're joe biden team, if you're with joe biden, all of these are my old friend he is not be able to take advantage of a money standpoint, for all the critical attention president trump showered on him as his family, you would think that would use that galvanize smaller donors into bigger donors. maybe they're working on a plan but clearly has not benefited them yet. if you're the warren campaign, objective democrat looking where
momentum might be, she probably has momentum right now. our prayers go out to senator sanders. you would have to think if he were to decide to get out of the race for whatever point, whatever reason, i'm not suggesting that he should or not wishing ill on him, from issue, idealogical standpoint best positioned to pick up a lot of that support. charles: i want to ask you about that, what it means for wall street. i just feel that, when i watch the biden campaign, it is reminiscent of hillary clinton. in other words, sort of i was ordained to get this. so i'm not really going to work as hard as everyone else. you know, so, just, there is, there are eerie similarities to me, with the energy and the just the presumption that i'm going to be the person chosen? >> use the right word. when there is presumption in any campaign, whoever they might be find yourself in trouble. four years ago donald trump ran there seemed to be presumption among others jeb and others might have thought it was their time, would come their way you have to be a little bit of
insurgent. trump was a insurgent he led from the beginning to the end. you have to see that same kind of energy any campaign. some criticism leveled to the vice president, some might be a little true. would you think at this point either bring new energy in or would develop kind of a reboot, we'll run as an under dog insurgence and win this campaign. charles: a week ago, new hampshire polls came out, elizabeth warren overtaken joe biden. all health care stocks got hammered on that session. every time numbers come in, looks like she is engag more momentum. see impact on certain stocks, health care stocks. wall street, shaking in their boots. you understand d.c. and wall street very well. how concerned should wall street be about potential president elizabeth warren? >> we'll have to see. i don't say that to be coy or cute. charles: she promise to the go to war with them, essentially take everything she can from them. >> a lot of these candidates sigh these things. donald trump said throughout the
campaign, in earlies of it things he tried to do aggressive as any president at least in my lifetime taking on big pharmaceutical companies. the question, can she reconcile some of this? i don't know. i don't profess to be advisor or close to that team at all but we'll see as time goes on here. and one thing for wall street, big lobby, big money, they know how to find a winner if she is one to be momentum, if you asked me two months ago be the nominee and perhaps beat donald trump i probably said no. today it's a muted we got to see. if the country goes to the polls and votes their wallets and pocketbooks she could find herself in a very strong position if she emerges as nominee. i don't want to get too far ahead of ourselves. you can see a lot of it is beginning to shape and come her way as we move through this early, the beginning of the end of the primary season. charles: she has momentum. >> the end of the beginning of the start of the primary season. charles: congressman, always great having conversation. >> appreciate it.
♪ charles: fed chair jay powell still addressing global growth and economic concerns right at this very moment. we know that there are challenges facing large organizations like the imf, central banks around the world. so many are wondering is it time to rethink them, the role that they play? poor nations are still for for the part poor. rich nations are indebted as federal reserve struggles to find balance when what it should
do about our economy and fragile areas. i want to bring in former economist ken rogoff. you wrote a piece that perfectly dovetails, rethinking imf after argentina. most recent loan to them, 56 billion became in danger almost immediately when that country voted in a party suggests that they may not even pay it back? >> yeah. i mean argentina's defaulted many times but this last loan and default happened so quickly you barely could blink before it happened. i think the main problem, international monetary fund. understand what it is, a large multilateral lending organization that typically comes in when a debtor country just can't tap private market. it has been spending beyond its means. it suddenly hit a wall and the problem the imf has been facing that it is under so much pressure to be soft, really pressure from ngos, the left,
that it is losing its effectiveness to put in policies that bring in private lending that is the idea. many think it's a aid agency. that it is not set up that way. it may forgive loans but may never make any again. that is the kind of political problem they're facing. charles: since 1944 the imf has gone through five faces. 44-71, cooperation and reconstruction. from '72 to '81 end of bretton woods. 81 to 89 debt and painful reforms that you talked about. societal europe. globalization and the crisis, could be any crisis. certainly this qualifies. so how does the imf which has been around now for a very long period of time, how would you give it a score? what score would you give it in terms of being able to fix -- some of these things still are out there and some of these
things have actually gotten worse? >> okay. let's be clear. we need the imf because it helps coordinate policy and crisis. it provides technical assistance and coordinates ideas but the problem is we haven't had a lot of emerging market crises lately. interest rates are so low, lenders are willing to go into the private sectors there, but at the same time debt is piled up at very high levels and certainly a vulnerable moment. and when it happens, when we have another global financial crisis among emerging markets at least, the imf will need to be able to rekindle the private sector. the public sector can't step in and find all these things. if it is too soft, puts in lending conditions that, private sector didn't buy into the
conditions are, it doesn't work. you mentioned rich countries are getting richer, poorer, poorer, the last 30 years have been fantastic if you look at china, what's happened in india. hundreds of millions, billions of people lifted out of poverty. but it's true, a lot of that has really not been imf and world bank lending although they have given technical assistance. charles: so that point, you bring up china which now appears to be emerging at least in your article as a competitor to the imf. we know about the debt diplomacy there technically they own the island of tonga. they could take ownership tomorrow if they wanted to. president of malaysia turned down $20 billion. 95-year-old man went to beijing, i consider this imperialism. it is enticing. many countries around the world have taken it. how does the imf fight back against that? >> this is a huge problem both for the international monetary fund and the world bank.
china has become a competitor. they typically give softer-sounding conditions. it's a lot less transparent and there is lot of corruption in their loans. you have to do deep digging to find out what they are. if the world bank and imf for example, are saying we can't have as much corruption. we'll give you loans, one of our condition ats to have less corruption. china comes in and they're fueling corruption. it's a big challenge, especially in africa. charles: ken before, i let you go, bring in the issue of central banks as well. the ecb started out with at 600 billion-dollar balance sheet. it is four something trillion. of course we know the federal reserve's balance sheet, 4.6 trillion. are these central banks effective? when i say that i mean when we ushered our in in 1913 the
argument it would be the end of boom and bust cycles. but it was anything but. >> the fed and ecb are on different planets. the fed is very effective. it has become the world's central bank. you can second-guess their interest rate policy i don't think quantitative easing does that much. in europe, central bank is the only monetary authority and fiscal authority. when they do quantitative easing, germans are lending to the spanish and the greeks and that is a tough position to have politically sensitive role when you're trying to have independent monetary policy. charles: mario draghi said as much on going out in his farewell speech. fiscal policy has to shape up. >> he did. charles: ken, thank you very much. really appreciate it. >> my pleasure. charles: so we are of course following these markets. we're set to wrap up another wild week. dow up more than 300 point. the market volatility, you know, you go with that in the staggering student debt loan. this whole thing has millenials
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charles: so the dow at session highs, bouncing back after a very volatile week. "claman countdown" host liz claman here with a preview what is coming up in the next hour. liz? >> i don't know if you saw breaking news, amazon prime video disappeared off apple app stores. amazon stock still up. could it be happenstance or vicious, serious competition?
amazon video disappeared off the apple app store. what a week we've had, charles. two days, mon and tuesday where we saw the dow drop precipitously along with the rest of the markets. yesterday we moved higher. today it's a very big day. how do you trade this market? we have one of the so-called market wizards. we have larry height. come up with a book called, the rule. how does he trade? he has a system that he created in the 90's, helped to bring him, i don't know if you heard this, charles, the first hedge fund to be worth a billion dollars in assets under management. charles: wow. >> he has an incredible story. for a theme invested in you, he is going to invest in you by giving you his trade secret. charles: tell everybody. have your pens and paper ready. get ready. liz, thank you very much. look forward to it. "claman countdown," 3:00 p.m. here on fox business.
who should be watching millenials, many of them investing in the market is put on the backburner. they're faced a whole bunch things. faced with paying back personal debt and kristina partsinevelos spoke with some of them to see if they're currently investing. if so, in what? i like this idea to find out what they're doing? >> this is our third installment of the kristina on campus. it fits with a theme, investing in you. because it encompasses you and wealthy people but encompasses those who want to understand what markets are doing, and explain it in accessible way. that is seems a major issue why the younger generation is not invests. i went to fordham university, spoke to students there. when they're not in school they should watch fox business. they're probably in class right now. listen to reasons why they're not investing. listen in. ♪ >> are you investing any of your
i don't want to think about it right now. charles: i did unofficial count. two yes, seven no. >> that is right. the man with a tie is business student. three major things, lack of capital, lack of confidence/knowledge and then lack of thinking it's a priority for them they're at this point in their life. student debt $3.6 trillion. $30,000 per student. it is an issue. charles: seem more intimidated or they had higher priorities like living in the moment? >> i think intimidated, lack of financial literacy at school is major issue. charles: great stuff. kristina, thank you very much. we're headed into the final hour of trading. another wild week on wall street. what is in store next week? china trade talks could mean everything. china is big focus on "barron's roundtable" that is premiering 10 p.m. eastern on fox business. jack otter is asking blackstone
chairman stephen schwarz men what do to make a deal happen. >> this is all on the chinese side. the u.s. can't negotiate if nobody puts anything on the table. so in a funny way this is described as a negotiation but the negotiation is very much i think within china itself. ♪ ly add up. ♪ maybe i'll win ♪ saved by zero colon cancer screening for people 50 and older at average risk. i took your advice and asked my doctor to order cologuard, that noninvasive colon cancer screening test. the delivery guy just dropped it off. our doctor says it uses advanced science. it's actually stool dna technology that finds 92 percent of colon cancers.
charles: stocks are in the green heading into the final hour of trading for the day and week. i think everything is going to be really, i think everything is in place rather for that fabled year-end rally. i think it could begin next year, start of course with news from the china trade talks. i want to bring in kingsview wealth management cio scott martin. listen, here's my theory. i think china has made nice, they made some soybean purchases, paypal made an
acquisition. they have done a lot of things, smaller things, you know, lot less saber rattling. i think president trump probably more eager for something. it would be so simple for him to say i'm going to delay october 15th and december 15th and if so, combine that with fed rate cuts. i think this market could be off to the races. >> yeah. i would mix in a good earnings season, too, charles, because i think that's the trifecta that the market is looking for. the risky part of that, though, i still think is china, my friend. i know things have gotten a little bit warmer with them of late but we have been here before. so to me, maybe good earnings season if things cool off with china, could save the market a bit. charles: on earnings, we are early into the next round of earnings and i see some of these reactions to stocks, constellation brands, for instance, they got hammered yesterday. full disclosure, i'm in the stock, subscribers in it. it was perfect, it was perfect. they raised guidance and everything. what do you do as a professional in an atmosphere where sometimes
even the most perfect-looking earnings report sees a stock go down? >> i treat those as gifts, charles, to add more. one i would throw at you is costco which had a mixed report but obviously continues to kind of rebound upwards. to me, if you get a constellation brands reaction like that, we own nike, i was looking for a pullback, we didn't get it just yet, i would add to those names if you get the opportunity. charles: overall, we had this crazy session, volatility is here, people are extra antsy when it comes to october. we also remember the year-end rallies seem to happen as frequently as well. are you ready to make some moves here? >> yeah, we have been adding at times. we have been a little more cautious, though, with some of the vigor the volatility has come back with on down days like earlier this week. the way we have been kind of adding our equity exposure is alongside gold positions. gld is an etf i'm continuing to love. it's been so good to us all year
long. charles: you have done extraordinarily well in gold. gold has done well, silver has done well, you have done well. that's why we always need your help. thank you very much. see you. >> thanks. charles: we are up almost 300 points. last hour of trading could be explosive. liz? liz: it already is. look at these numbers. thank you. breaking news, the federal reserve is listening right now but what will the markets hear? job creation expanding as the september unemployment rate falls to 3.5%, lowest number in 50 years. you are looking inside the federal reserve where fed governor lyle brainard leads the fed listens discussion about maximum employment and the shifting labor market. the top dog at the fed to the right of lyle right there, chairman jerome powell, just kicked off the event about an hour ago and said overall, the economy is in a good place despite some risks. markets started hitting session highs, i