Hey, it's Kramer and this is my morning take on the market from today's CBC Investing Club morning meeting.

It's an interesting day here because stocks lower from the start.

Again, we got to keep track of the fact that interest rates are going higher.

No one seems to be paying attention to them. They're just creeping up, up, up.

And we've seen this the last couple of days. Sluggish starts to the open, followed by afternoon rallies. Don't know if one will happen again today. That's more of the home stretch material. Right. And that includes how I want to handle Morgan Stanley today. You've done a mass amount of work while I've been on air. There's just many, many factors. To reach it, including yet without waiting to what when you have the home stretch is a mistake.

But I'll tell you this, we, I think personally just from the statements I made of what we made and what I said on squawk on the street, we refuted the 86 status, which made no sense given the inflows.

But I also want to say this is a stock that historically would have, will be

met with resistance at a certain point here and sellers will come in. Yeah, look, it was a beat,

beat on earnings, beat on revs, Morgan Stanley, $170 versus $1.62. Pretty much strength across the

board, wealth management brought in 110 billion dollars of net new assets

is that not the most important metric i think that's the key figure absolutely because they're an

asset gatherer they're bringing in new assets about 20 billion of which by the way was related

to the regional banking crisis so it wasn't just purely what happened in March.

They were doing $90 billion on their own. So that's great to see. But why is the stock down?

I think that's the most important part. It's just down a fraction versus where it was.

Sure. But it was provisions for credit losses were a little bit higher, much higher than expected.

$234 million versus $92 million. A lot of that had to do with

commercial real estate. They said also their comp expenses, salaries, benefits, what they pay,

their employees higher than expected to. And the net interest income number was little light as

well. Let's not get in the weeds too much. But when James Gorman came on mad money, he was talking

about interest rates, the Fed funds rate going to four.

So that's where that provision of losses was from using a four.

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