Feb 3, 2014|
Greg Merkle discusses what's behind the Dow's 326 point drop Monday.
Automatically Generated Transcript (may not be 100% accurate)
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Going to lessen my major comeback different now coming in on the international bridges. But that's when he minutes or so with these brits come across to the USA a forty minutes of moves to -- to come across in the USA. In the BBN's little much -- command him Allen Harris to wake colleagues. The exclusive live TV and AccuWeather forecast calls -- very cold weather tonight. Told the dry tomorrow. Here's what's happening right now -- storm warning takes effect late tomorrow night or Wednesday afternoon National Weather Service meteorologist -- Reynolds tells us. Where this system is coming for. From. Down south and it's going to be about through the Tennessee valley amendment. Up to throughout Pennsylvania and just that to the top of -- bill passed by just -- a minute Waltz that. Eventually transition to a coastal storm in new book eastern seaboard. Six lieutenants the stop all possible in the warning area it is a watch for the rest of Western New York. The Dow Jones Industrial Average starting the week with a close up more than 300 points joining us now on the WB and live line. Is Greg Merkel of -- SE securities -- good afternoon. Hey good afternoon Tom how are you I'm doing well Greg where things go wrong today. Well. I think it's the continuation. Of what we've seen. The last few days. Certainly a lot of volatility out their. We've had triple. Digit moves the last four sessions I think. A big part of it is some we've seen some economic data that's come out worldwide. You know different countries I mean China's ongoing efforts to. To try to you know reduce their leverage we've seen some issues and in Japan and Thailand and Turkey and and -- -- I think sometimes some traders out there looked and maybe they think that maybe it's time for a little correction here I mean. Certainly the the Nikkei in Japan was up 50% last year there's certainly room for correction and you know the S&P was up 29%. Last year were certainly you know room for correction. It doesn't sound like there may be reason for concern. Well like anything -- we have we all -- was sphere you know then we have agreed so certainly everybody's gonna be concerned and generally. You know the market goes up 200 we just assume that is what should happen but when it. Certainly drops to a 300 -- there's concern I I don't. My opinion I don't see it being -- Specter a big concern I just see this peeing in near term occupation. I don't think we're gonna have a sustained decline and you know I think we're we're certainly do for a little bit of a correction here especially in US equities and I think it's going to be a pause and in what we have as a bull market now and I think economic fundamentals are gonna continue to prove this year. Are and what you think we roll. We should be keeping an eye on later on this week. Well we still have the earnings reports coming out. You know mostly most are stronger than ever but I think we still have to watch what's going on abroad. Maybe we get some not Federal Reserve comments from the newly appointed chairman Janet Yellen. I'm certainly what they're saying the Federal Reserve as saying that. Economic. Fundamentals are improving because they're still continuing to taper. I don't think that what is going on now. We'll continue that that will continue. That cannot paper. My opinion that he'll just continue to do what they're doing I do see continued. You know strong fundamentals going forward. All right Greg thank you very much for joining us. Want thank you -- that's Greg Merkel about -- securities on the WB and live Automask we checked the WB EN dot com thirty minute ticker. The Dow closing 326. Points lower at 15100373. The NASDAQ down a 170 at 3997. S&P down 41 at 1742. UWB and his time for a five AccuWeather next. Listen to WB CN anytime anywhere. 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TVs to help -- not be suitable for all investors investment products and services -- offered to Wells Fargo advisors financial network LLC member SIPC but how Microsoft's group as a separate entity from WS they FM. So what you PM AccuWeather forecast clouds and sunshine this afternoon high 47. Partly cloudy very cold to battle for -- than ten downtown. Are such -- waited while the -- 48. Snow developing tomorrow night now continue into Wednesday accumulating three to six inches before diminishing -- worries -- Wednesday at 48. Kept breaking weather alerts on your cellphone by texting the word weather to 3930 -- what you BM AccuWeather review while the Steve dollars. Partly sunny skies 46 degrees in buffalo take WB and with -- wherever you go there's an app for that. -- portable baby out of the iPod and iPad App Store and the android marketplace complete details also -- WB EN dot com I'm Tom -- -- ready at 9:30 AM WB yen. News radio 930 WB EN. That. He would rate. -- -- -- -- -- -- -- Well look. It up. No one ponds with an assault rifle. No -- Yeah. If they are a bit extreme conservatives. They have no place in the State of New York. If you've got health -- already. Then you can keep your plan if you are satisfied with a. Wherever and whenever I can take steps. Without legislation to expand opportunity for more American families that's what I'm gonna do. It happened to that Gary Cooper. To strong silent. That was an American. Balancing the brilliant move ten -- -- -- these greedy and dirty I like you. You have -- I'd like a bonus yeah. The show longest break and I -- -- for the opportunity to do it I think with a big baseball game or was it basketball hockey. One of those sports yesterday I I -- that today it would be a great day to do it airs tomorrow I've just have a feeling it is going to be a weather today. Do you have a hero. And my only -- got is. Nobody religious. Okay because I just assume that whatever is your faith. The leader of that -- the spiritual father of that faith would be here here. Okay. Now my hero. Is Ulysses grant. And a -- briefly. He was all bloody from Illinois. He went to West Point didn't do particularly well nobody graduated. Serve with honor and distinction in the Mexican American war and then the army sent -- way out west. Which at that point was that -- Pennsylvania now it goes further west than that. But the long and the short of the issues. He got hooked on the bottle. He became an alcoholic. Went back to his hometown of Galena Illinois as the black sheep of the family. The outbreak of the civil war. Put -- Ulysses S. Grant back into uniform as he recruiting officer. To make a long story short. The union army in the civil war in the early battles was led by -- bunch of absolute incompetence. These were West Point guys. Who were supposed to be the cream of the crop. I mean they were supposed to be able put together a health care website that couldn't. -- -- I'm -- it -- cream of the crop they are supposed to be -- fight anybody at any time because they went to West Point. Well guess what. The southerners also had guys who went to West Point. The interesting thing is it. I need to look this up but I'm pretty sure. That this -- ended up with the West Point graduates who tended not to have graduated very high in that at West Point as a rule.