Closing Bell Overtime: May 11, 2022

Closing Bell

CNBC

News, Business

4.4 • 140 Ratings

🗓️ 11 May 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks closed near the lows of the day in another volatile session. Are investors in denial about a bear market? Josh Brown from Ritholtz Wealth Management weighs in. Plus, Tom Lee from Fundstrat Global Advisors explains why he is not wavering at all on his bullish outlook for the second half of the year. And, Michael Santoli’s “Last Word” is “Bear.” Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	Welcome everybody to overtime. I'm Scott Watney. You just heard the bells. We of course right here at post nine just getting started in what is a busy overtime session today. In just a few minutes, Disney earnings will cross the table. We'll have those numbers and of course the instant stock reaction will also speak
0:14.4	with fun strats Tom Lee today on weather stocks are getting closer to a
0:18.8	bottom a look at the action today hard to suggest we are that's our talk of the tape though, this hunt for the end, an end to the selling that has caused so much uncertainty for your money.
0:29.0	Are we getting closer? The big question, we ask, half times Josh Brown. He is the CEO of
0:34.4	Riddholt's wealth once again joins us here. That is the question Josh. What's your
0:39.1	sense?
0:40.3	I am informed that as of today at the close we now have all five of the
0:47.4	fang stocks in a bear market of their own. They finally got Apple. This was the last holdout. It went out down 19.59% I think a little
0:58.8	bit more in the last minute of the trading. That's the last quote I have so that's it you got everything
1:04.3	from met a down 50% to apple down 20 these stocks are so important they were
1:10.1	the last ones to go today they hit Home Depot they hit a lot of the last ones to go. Today they hit Home Depot. They hit a lot of the last
1:14.7	holdouts and it doesn't mean that anything is wrong with these companies.
1:19.6	Something is substantially wrong with the market.
1:23.2	We still have so much denial judge
1:25.8	that I do two or three of your shows every week
1:28.3	and I'm still having pedantic debates with people
1:31.1	about whether or not this is a bare market. I almost can't believe it.
1:34.3	I've been talking about this being a bare market since February. It's okay if not everybody
1:39.6	wants to acknowledge it all at once, but here we are in the middle of May the damage is way
1:45.4	worse than anything that we saw in 2018 and that in fact was a statistical
1:50.7	bear market so until everyone can, hey this is the real thing, I just
1:56.2	don't see how we bought them. Let me say two constructive things very quickly. This
	...

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