Gold's Love Has Come Along and a Conversation with RBC's Lori Calvasina

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4.6 • 757 Ratings

🗓️ 8 December 2023

⏱️ 62 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this episode of On The Tape, Guy Adami and Dan Nathan sit down with Lori Calvasina of RBC for her stock market outlook. Plus, Guy and Danny Moses run through a handful of single stocks and topics on D-MO’s radar. Key Insights from the Pod: Stock market seasonality changes since Lori’s last appearance (2:15) Rate cut impacts on stocks (4:20) Small caps vs. mega-cap growth stocks (8:40) Lori’s 2024 forecast (14:45) Crude oil (21:30) China (23:25) What U.S investors are discounting (24:30) The path to Lori’s S&P 500 target of 5,000 (26:00) The gold market (38:15) The Bank of Japan/Yen (42:25) The equity market whistling past a graveyard (46:30) Energy stocks (48:00) Unemployment (51:30) Bank CEOs in DC (53:45) Cerevel options trading surge before AbbVie deal news raises eyebrows (56:00) Tesla (57:10) Danny’s tirade on GameStop (58:50) NFL picks of the week (1:02:15) — About the Show: On The Tape is a weekly podcast with CNBC Fast Money’s Guy Adami, Dan Nathan and Danny Moses. They’re offering takes on the biggest market-moving headlines of the week, trade ideas, in-depth analysis, tips and advice. Each episode, they are joined by prominent Wall Street participants to help viewers make smarter investment decisions. Bear market, bull market, recession, inflation or deflation… we’re here to help guide your portfolio into the green. Risk Reversal brings you years of experience from former Wall Street insiders trading stocks to experts in the commodity market. — Check out our show notes here Learn more about Ro body: ro.co/tape See what adding futures can do for you at cmegroup.com/onthetape. — Shoot us an email at [email protected] with any feedback, suggestions, or questions for us to answer on the pod and follow us @OnTheTapePod on Twitter or @riskreversalmedia on Threads — We’re on social: Follow @GuyAdami on Twitter Follow Danny Moses @DMoses34 on Twitter Follow Liz Young @LizYoungStrat on Twitter Follow us on Instagram @RiskReversalMedia Subscribe to our YouTube page The financial opinions expressed in Risk Reversal content are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on Risk Reversal. Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in Risk Reversal carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose. Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.

Transcript

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0:00.0	Welcome to the On the Tape podcast. I'm Guy Adami. Always joined by Dan Nathan, but today we have a treat.
0:08.8	Lori Calvacina is with us, head of U.S. Equity Strategy at RBC Capital Markets.
0:14.0	Lori was last here on August 11th, and I will tell you, for those who remember, she was spot on in her assertions and some of her thoughts then,
0:22.6	and my sense is she will be again.
0:25.1	Later on, Danny Moses and I will sit down talking about a lot of different things.
0:30.5	Crazy gold move over the weekend, Sunday night specifically.
0:34.1	Crudel, WTF.
0:35.6	That's what people say that?
0:36.3	They say WTI.
0:39.9	WT. Ah, I see what you did there.
0:44.6	And of course, week 14 in the NFL. So stick around for that. Lori, how are you?
0:49.9	I'm great. How are you? It's great to have you. I mentioned August 11th. Obviously, a lot has happened since then. And, you know, I think you weren't cautious on the market, but you thought some strange things could happen. And everything you talked about back then because I went
0:57.8	back and looked has come to fruition. Here we are early December, year end, market's doing well.
1:03.6	Just from that point in the summer till now, what sort of sticks out to you?
1:08.0	You know, I think seasonality is one thing that's interesting. If you look back at the
1:11.5	last 10 years, August, September, October have generally been pretty fraught. November is consistently a
1:16.8	good month and it's absolutely met with that playbook in December's more of a toss-up. So I feel like the
1:21.4	last few months have made a ton of sense just based on the recent history. Back in early August at the time, we had just come off a high
1:28.0	in the NASDAQ and the S&P 500. There was a lot of enthusiasm coming into Q2 earnings period at the time,
1:35.3	and some of the biggest names in the Mag 7 were making new all-time highs, Microsoft and Apple and the like here.
1:40.7	And it was interesting, though, something happened where a lot of those companies beat and they raised, but they didn't beat and raise by enough. And the stock market started
1:48.5	to sell off. A lot of investors were just saying, listen, that made sense. And it did make sense.
	...

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