U.S. Economy Softening From Delta

Business Weekend iTunes, SoundCloud, or Bloomberg dot com. You can also listen to our radio show at two pm Eastern Time on Bloomberg Radio or watch us on YouTube search Bloomberg Global News. Let's get up to date though when it comes to COVID. We do have US Public Health advisors meeting today to talk about booster shots, with the White House eager to get a nationwide rollout going by September.

Keep in mind the number of US COVID nineteen fatalities in this month in August already at the highest monthly total since March. You've got EU countries voting to reimpose restrictions on non essential travel from the US. There is a lot going on, so let's get our daily check on COVID dot or La Lufa and you. He is doctor of medicine at the publicly traded Oak Street Help.

There a network of primary care centers taking care of Medicare patients and they've got about eleven billion dollar market cap give or take a few, he joins us on the phone. And Toledo, Ohio, they are opening up another clinic clinic. Drf and you good to have you here with us. UH. Tell us about what you are seeing when it comes to COVID currently. Well, first of all,

thank you for having me today. UM on the front lines here in the communities, we are seeing more cases of folks, mostly younger people who are now presenting with COVID cases. UM, there are still where only as a nation about fully vaccinated, so there are still a lot of folks out there who are still vulnerable to the infection. At Oak Street, we've been working really hard to get

our patients vaccinated. We work with mostly older people, older adults on Medicare and Medicaid vulnerable population, so we've been focused on this since the very beginning. Since the first vaccines were available late last year, we've been able to vaccinate a hundred eighty five that we've given out a hundred and eighty five thousand doses across the United States.

And that's a combination of fives and MADERNA and J and J vaccines UM, and we care for over a hundred and ten thousand people in our three centers across the country. So we we know that taking care of this population and during this time is is mission critical for what we do. Are those people this population, the medicare population? Is it largely UM? I'm assuming right older folks and that they are more inclined to take the vaccine or is that not the case. It's a mixed bag.

You know, I work here in Ohio UM and some of our and I see patients UM with our staff across the state. UM. In some communities, you know, there is strong support for the vaccine and conversations are usually very straightforward. Would you like a vaccine? Yes, and we go ahead and vaccinate. Sometimes we have to have some more involved conversations with some of our patients about UM their hesitancy about getting vaccinated, and others are adamantly against it.

So you know, we we we're making progress. UM. It's slow but steady progress at getting everyone vaccinated. And what about when it comes to minority members of the medicare community. Are they even more hesitant? You know, it's interesting I would say that amongst some of our patients there's hesitancy. I'm not at the point where I'm willing to say that this is something that is defined by our minority communities.

There's certainly hesitancy. Much of that born from or that comes from historical precedents around distrust of the health care system. Um And so as an African American physician, I know that I'm in a unique position to help people understand that one this vaccine has been produced under some of the most the highest scrutiny probably in human history. UM that it is that it had has been developed with a mind around ensuring that this is a vaccine that

works for all people. UM. So I continue that we continue to educate on this and we're changing minds, were changing minds amongst our our communities that we serve, and we're getting folks vaccinated, which is very fulfilling and edifying. Yeah, it's interesting when you say that, because You're right, the difference has been we have been seeing the development process

roll out really in front of our eyes. So all of the you know, problems which often happen with any kind of vaccine development or even any kind of medication development. But maybe it's not so front and center, at least among the mass public. But we are seeing the vaccine development and process happening in front of our eyes. But it's interesting because of that, As you say, there's probably heightened scrutiny on every single step along the way because

of it. And that's and that's not a bass thing. I think it's good that we have a transparent process of development, that people are learning more about how we um through vaccines. You know. An area that's oftentimes been a point of contention has been the distinction between an emergency use authorization and quote unquote full FDA authorization. There, while the two terms are not the same, the same rigor.

The rigor that has gone into making vaccines um available under our eu A processes the FDA is incredibly high. The rigor is very high. The quality of that process has been very, very clear and transparent, and it helps. It has helped us as frontline physicians, delivered this vaccine with the high degree of confidence that it's effective and that if more people get vaccinated, we can we can

turn the tide here. You know, with the delta variant um now the dominant strain in the United States, we have to get everybody vaccinated, especially as we are approaching um flu season, and you know, for my pediatric colleague, r s V is another major virus that can impact kids. We need our folks vaccinated because the prospect of having another winter like the one we had last year is quite frankly frightening, right exactly. UM, We're gonna leave it

on that note. Thank you so much, really great to get your thoughts on this. Dr la lufay on Jo, he's medical director of Oak Street Health, joining us on the phone from Toledo, Ohio. UH speaking with him on a day where global COVID case is top two hundred sixteen point six million deaths passing four and a half million, and as it as it UH pertains to the actual COVID vaccine given out, more than five point twenty two

billion doses have been administered across the world. This is Bloomberg Business Week with Carol Masser and Bloomberg Quick Takes Tim Stenovic on Bloomberg Radio. The Category four storm Hurricane Ida, now a tropical storm, could cost insurers at least fifteen billion dollars, packing some of the most powerful winds ever to hit the New Orleans area and as it lumbers north, Ideas unleashing a catastrophic amount of rain that could total

two ft when all is said and done. Let's get an update on the storm it's impacts so far with Bloomberg News Houston bureauchief Joe Caroll. He is on the phone from Houston. Hey, Joe, great to check in with you. So what is the latest that we know about the impact of this storm. Well, we still got more than a million households and businesses without power in Louisiana alone. The numbers come down slightly, but but it's going to be it could be weeks before the bulk of those

are restored. There's there's been really catastrophic damage done to the transmission system. There's one of the main cables is actually in the Mississippi River and along with the tower that was holding it up. So there's there's really a massive model of work to be done well and an evil I just you know, kind of an evil twist of fate or Mother Nature kind of with her own

evil take on timing. Right, it happened on the sixteenth anniversary of Hurricane Katrina, which made us all we would have probably anyway compared this storm to hurricane Hurricane Katrina. What were the similarities, Joe? What were the differences? Katrina was actually a larger storm geographically. The chilling thing about this last night, when when everything was blowing and going was was structures like transmission towers that withstood Katrina actually

came down last night. And so that's, uh, that really shocked a lot of folks who didn't think a physically smaller storm would actually do more damage. The upside is that the levee system, which was reinforced after Katrina in New Orleans itself, has it held, and so for that reason we're not seeing the sort of horrific flooding and mass deaths that we saw in that storm in two thousand five. Well, and you know, was storm. Sometimes it's about the wind. Sometimes it's about, as you said, you know,

the geographic impact. Sometimes it's about the water. Sometimes it's about all of that. This storm in particular, was it about the winds. For New Orleans proper, it was a wind. It was about the wind when you go into outlying areas. Black minds Parish and and say St. James Parish, these more rural and distant, isolated places. Uh, it's the water is how homes are inundated. Uh, it's a search and rescue mode. UM. We still don't know how bad the

damage is out there. And one of the things that we keep reading about, as you well know, UM our team and you and everyone reporting that there's been a lot of fires after this storm has passed through. What do we know about that? There was an enormous amount of lightning came in with when the storm rolled ashore. We believe it's it's not been investigated, but that lightning started a lot of these building fires. And then the

problem was there was no water pressure. Firefighters couldn't drive their trucks because the wind speeds are too high, and even if they could get there, there was no water to put the fires out. And you know, water scarcity

is still still a big problem in a lot of places. So, you know, Bloomberg and our teams have often reported about some of these low lying areas, and I think you know, the questions are out there about whether or not we need to remove people from these areas, especially with climate change and rising sea levels. Or the frequency of storms, whether or not we need to maybe relocate people. Um, it does seem like the areas that always get hit the hardest continue to get hit the hardest. What's the

thinking about that? Yeah, it's a really that that is the toughest question to answer, because even in the case of this storm, when folks are told you need to get out there, there's no uh, there's no way to to to withstand this and to just hunker down, a lot of folks still stayed. Um. And then the other side of that we're seeing today is the mayor of New Orleans and the governor of Louisiana are both asking those who did evacuate. We had a big rush of

folks come here to Houston, uh day for yesterday. They're saying, don't come back yet. It's not safe. We don't know if your house is still standing. There's no power, there's no water, and so you do have we don't have a number four, but it's a lot of people who are we're sort of stuck in this limbo waiting to see what's gonna happen. How long will did it take for for some of the repair to to be good enough? Um, for people to come back. Are we talking weeks? Are

we talking months? They don't know yet. The poet, like I said, the power is going to be out in a lot of places for weeks, but they really don't know even how long it's going to take to clear the high ways. And we're not done yet with this storm, right because I have a radar app on my phone and the storm is now coming making its way up north. What's what's the expectations? They are the forecasts? Yeah, it's and and the surprising thing is that that it's still

so powerful. You know, it's it's not a hurricane anymore obviously, but like you said, when you look at the radar, this is a monster storm. Still. The bad news for for New Orleans is that all that water that's moving up in Mississippi and Tennessee that still has to come down the river system. So so it's going to arrive again. Unbelievable. Um,

it's just amazing. And I know some of the flows I think was that the Mississippi River actually the floes actually went in the opposite direction because of all the water. Hey Joe, thank you so much, really appreciate the update on that. Bloomberg News Houston Bureau chief Joe Carol joining us on the phone in Houston. You're listening to Bloomberg Business Week with Carol Masser and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Well, there are a few economic

stories on our agenda this Monday. There are some high frequency charts out there that specifically show the US economy softening from the delta variant. That variant we know is certainly on fit Chairman j Powell's radar. We got that confirmation on Friday from the Jackson Hole meetings. So here with the hypercruncy charts that we're focusing on and why you should be as well as Bloomberg News Economics reporter Steve Matthews. He is on the phone in our Atlanta bureau. Steve,

so great to have you here. I love this story. So smart by you, Angel Shaw. So tell me about the charts that you looked at and what it shows us. So, Carol, Uh, what's interesting here is a lot of the official government data is lagged and therefore it's less useful. But you can find out if you want, how many people went through airport checkpoints yesterday. There were one point nine million people. You can find out what the hotel occupancy was last week.

You can find out lots of things from kind of looking at anecdotal and survey data that is from on official sources. And what we found out is that, uh, you know, maybe not surprising, but but maybe a little bit concerning, UH, is that travel and tourism data is all gotten substantially weaker UH people dining out via via open table, that data has gotten a lot weaker in August than it was in July. UH and even and this will be interesting to see how things develop on

Friday when you have the official government jobs report. But there are some signs that the job market might be easing back a little bit. Yes, there's a lot of demand for workers, and some companies are having trouble hiring. But the bookings for jobs, the listings on things like indeed have come down a bit, particularly on jobs UH

that might be COVID sensitive, such as childcare. I mean, you you're going to hire UH childcare only, childcare workers only if you're comfortable with having your kid next to UH childcare worker. You're going dental offices, for example, there's been weakening UH for bookings for those type of jobs. So all in all, uh, it presents a little bit of a story of weakening demand. And it will be interesting to see how this shows up in in the

official data. Steve. It's like working for our hedge fund, right, these are the things you look at that might be so much more like moment in time to give you an idea of what people are doing today, not last month. Yeah. And in fact, you get some pushback on this because all almost all this data is not seasonally adjusted, uh, and there's some uncertainty about it. So it is, it is less precise than the official data, but it also

is stuff that happens yesterday or happened last week. So it's like, if you want to know what's happening now, you really have to look at the high frequency data. You know. One of the things I think, Steve, that we've talked a lot about here, certainly on air, is about the number of companies that are rolling back, bringing back workers to offices. And if that feels like a big one, because that has a trickle down, trickle across,

triple up. What effact? Because you don't go to work, maybe you're not buying lunch, you're not maybe stopping at a store to pick up something you're not getting on mass transit. It really changes things that that is interesting because Castle Systems attracts the number of people who badge into an office every week. So it's like, if you know, when I go into the Bloomberg office, I have a badge, I wave my badge, it says I'm in the office building.

It says I'm in the office. Uh, pretty much everybody does that across offices everywhere. Last week, Uh, the number of people badged into offices in ten cities went down at every city. And it's like the number of people in offices is still around thirty of what it was in two thousand nineteen. It's like people talk about back

to office, it's really not quite happening yet. Well, and what's interesting too, And I think it's timely Steve in a week where we're gonna get the monthly jobs report on Friday, I can't remember it's Larry Summers have to create a Google on the and a search on the Bloomberg.

But there have been folks out there who are questioning some of the metrics that J. Powell and Company J Pale in particular, are tracking in terms of deciding when to start significantly changing fad policy and saying that, wait a minute, maybe it's not so smart to track the unemployment rate because there have been dislocations in the labor market because of COVID and we know it. I know people who have retired or said I'm not going to go back to work, or I'm gonna work differently, or

I'm gonna work part time. You know that it is a longer term trend and change. And I wonder what you're hearing on that front. Yeah, that's absolutely the taste, and in fact, it will be interesting really on Friday because as j Pal said at Jackson Hole virtual Jackson Hole because of it was canceled. Uh, you can't look

at just the unemployment rate. The unemployment rate may go down, but you have to look at things like, uh, the employment population, right that the percentage of the population it's employed. You have to look at labor force participation because these may not recover quite as fast and the fact that the unemployment rate is going down may not give you a picture that's accurate of what's happening with the labor market.

If people are staying out of jobs because they're afraid to work because of COVID, right exactly, And so we're not quite sure all of the impact. And I guess we just have to go from data pointing data. And if you want to wait six weeks as the FED does for meeting the meeting, if you're j Pale, you say, well, maybe we'll know more in another six weeks when we have the September jobs reports. So it's building the case

for waiting a little bit longer. Hey, another great point, UH, and story on the bloom Bloomberg has to do with how the delta variant is starting to ruin trades. Uh. This is a headline I'm reading Ruined Trades epic run on our Bloomberg tracker and basically just tracking global goods and how they are trading. UH. And a team of our reporters, led by Michelle jem Risco put this out trade.

What is trade telling us right now? Yeah? This is really interesting too, because it's like in the spring when you started to have some of these supply chain issues with with UH, for example, with auto components and with other with lumber and housing and etcetera. Uh, you heard the Fed and other economists say, Okay, this is transitory. We know there's some supply chain issues economies reopening after COVID, but you know, just hold on a few months and

things will go back to normal. And that is not happening. It's like and in fact, you know, when you look at what's happening across international trade across the world, things are getting worse marginally from the previous month. You have UH ports and China closing, you have disruptions basically everywhere because of delta. I mean, things are not moving back to normal. And that means these supply chain issues and these inflation issues are gonna last a little bit longer.

All right, little patients, I guess is what we all need. Hey, Steve, thank you so much. You broke down a lot UH and I highly recommend everybody check out Bloomberg dot com or go to the Bloomberg terminal and check out these stories. Steve Matthews, Economics reporter at Bloomberg News. You're listening to Bloomberg Business Week with Carol Masser and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Well, several things out of China again on our radar, including China putting limits on

online gaming played by miners. Also looking at the steady flow of headlines u out of Beijing as it cracks down on a growing number of industries and sectors, and looking really to spread wealth more broadly, and looking at that is our Bloomberg New Economy editorial director Andy Brown. He writes over the weekend about what wealthy tech entrepreneurs in China are doing to show solidarity when it comes

to the Chinese government. Andy joining us on this Monday on the phone in New Hampshire andya read your column. It looks like to me almost a forced yet strategic form of philanthropy that's going on in China among the tech entrepreneurs. Tell us what's going on? Yeah, that's that's exactly right. This is political theater of the highest order. Um, President of the Thing, as you say, is on a

campaign to promote common prosperity. In doing so, he's reviving the modest eras there of egalitarianism, and the country's billionaires have got the message. Then they're coughing up billions of dollars something like such. Seen billion just in the last few months handed over to charity. Great. If you're looking at your billionaires and your most dynamic Chinese companies to hedge their political risk. If you're a shareholder, perhaps you're

not quite so happy. Andy, is this the Cultural Revolution? Two point oh? In some ways. Look, this is a lot of this is a lot of this is about politics. And you know, during the Cultural Revolution, people in China famed compliance. Um uh, they didn't really mean it. Um. There's a penalty to be paid in China to day if you go against the party line. And line now is egalitarianism um And this means really a an assault on the private sector. And that's really where the problem

comes from. Because so much of China's inequality is baked into the system. It's baked into their taxation system. It's the billionaires the private sector that are paying the price for this. Well, okay, so you know, every time you and I talk, I think about, you know, presidency and what the end game is. Because on one hand, right they do long term planning, China does as a country, as a nation, as a government, and they have been

very open about wanting to dominate major industrial sectors. At the same time, some of what they're doing feels like they're pushing back on the ability to do that in capitalism. Can they do both? Can they be leaders in industries? Um? And at the same point, Okay, it's a really good point, Carol. I mean, China is playing by a different set of rules here. This is not capitalism, where the purpose of

the corporation is to maximize shareholder value. What companies in China are being told now is that your purpose in life is to fall into line and support government policy when it comes to technolo oology, when it comes to the economy, and also social and political objectives. So we saw that today with this announcement that online gaming companies were going to have to drastically limit the number of hours that kids spend in front of their screens three

hours a week. This is a this is a bit to fix a social problem in China, and companies are expected to take the lead. And it doesn't matter the impact on their profits or indeed especially not the impact on foreign investors. It's simply peripheral. So are they putting at risk their ability to be a global leader going forward, one that's respected by global investors, global business. You know,

I'm trying to understand kind of what the endgame. I mean, I understand the idea of spreading out the wealth and making sure that there's no upheavals within China itself. But I do wonder about what the future role is then as a nation. Yeah, well, you know when in your when you're the Communist party, Um, you know, every every male looks like it needs a hammer. And UM, they're

going about this in a really draconian peremptory way. I mean, the problems that they're addressing in China are similar to problems elsewhere in the world. I mean, inequality in China is about the same as inequality in the United States. Um. The difference is that you know, the way, the way they've decided to go about this is to is the scapegoat the country's leading entrepreneurs, including uh Jack mar of course, who was the biggest and the most powerful of them all.

So I don't know, I know I asked you this a lot because I do think about So. So do we have an idea of in five years, does this create um, a more comprehensive, wealthier society in China and one that also is playing equally the global stage with

the EU as well as the US. I think we're going to have to see whether how this campaign plays out and whether or not what we're seeing is just the first way the attention getting actions of you know, finding film actresses as they've just done for tax evasion or bringing down Jack mar a peg or two. What you really need to look out for now is changes in public policy that will really have an impact in achieving paying President Jijimping's mission, which is to make China

a more equal society. That will mean massive investment in Chinese education. It is woefully underfunded in rural areas. It will mean investment in health care. It will mean an overhaul of the fiscal system structural changes which it could be very painful and could in the short term impact Chinese grove. Well, it's a fascinating column again, Andy, and I'm really glad that we got to check in with you about it, Andy Brown. He is our Bloomberg New

Economy editorial director. Andy, thank you so much joining us on the phone in New Hampshire, and highly recommend you check out his column that is on the Bloomberg as well as at Bloomberg dot com. I'm road mac a journal yea, but you let me drive? No, no, no please, I'll do the riding drivel. I want to drive just drive baby. The question kept drying. This is the Drive

to the Globe. Thanks well drying us down on Bloomberg Radio and just about ten minutes left in today's trading session, it is time of the Drive to the close once again joining us as Dan Pippatone, co founder Trade zero America, joining us on the phone in Brooklyn. Dan, how are you fantastic? How are you doing okay? Doing okay? It's been a busy summer. We have talked though on some days about a slowdown in trading activity in terms of volume.

What have you been seeing. Yeah, we've definitely seen some slowness um, you know, it's weird coming into the summer June July. For the first half of July definitely tracking well above last year, but once we hit the middle of July, it was it was a significant slowdown. Where

we're starting seeing things pick back up. Towards the middle of last week, we've seen, you know, a bunch of kids get back to school in Florida, some of the southern states, and as as the monthdays progress on into September, we're seeing more of that. So we have a lot of anticipation built up for September where everyone is quote unquote back to work. Um and uh, we're we're really excited for what the fall has to bring as it

relates to volume and attention to the markets. Well, and what are the trends that you're seeing in terms of particular names, I mean, meme stocks It felt like came alive again last week AMC and game Stop among them, Support dot Com on Friday, up almost three since August eighteen, nearly last week alone. What activity you're seeing in the so called meme stocks. Yeah, it's it's interesting because obviously January February we saw kind of the advent of this

and and and real real, real lots of attention. We've saw the meme stocks kind of pop their heads up, I want to say, about a month ago with AMC, games Stop popping back up. And that's we're seeing that continue where it's kind of like a game of whack a mole every day. Investors are trying to figure out what the next meme is going to be. UM, as you were, as you mentioned, support dot com seems to

be the latest. Uh. Well, actually we saw a little bit of Robin Hood meme action a few days after it I p O uh so you know, while while while the overall markets have slowed down a bit, the activity in all of these mean stocks is you know, continues to thrive, and it's still big among retails because the real retail investor. I asked, because last week we saw uh some tracking that said waited it had kind of shifted, shifted more to institutional investors getting in on

that play. I think, listen, everyone's in on it. You know, you're not right out there is yet And how funny is it where you know, for for the longest, for you know, the vast majority of my career, it was always institutional institutional with retail and you know, in the average investor being so the last to know where. Now it's kind of been, you know, turned on its side, where everyone is trying to figure out where retail's next attention is going to be and then hop on that bandwagon.

So talk to us about some of the breakdowns that you do, uh Dan in terms of tracking volume, tracking trades. What are the top ten shorts above ten dollars so support dot com you mentioned this is coming into last week, over seventy three thousand trades in that name uh A, m C again t CAT, which is a an n f T play UM rounded up by neuro r g C s A b A. These are some names that

people you know have probably heard of before. These are stocks that have been you know, supervolatile for a good part of the summer and a good part of this year. But those are the those are the tops, UH top stops above ten dollars that we've seen activity and and then the the the activity in the action continues today UH into UH spr T and uh r n x T is another one, another high high flyer today that's being actively short. What about those top ten shorts below

ten dollars? So below ten we are seeing UH. These are obviously less of less household names. Um pect interestingly started out below ten UH and now it is trading above UM. And you have symbols like d B O s A, d t x b p t H which which is another bell weather as relates to the small cap gappers. UH. This is a stock that's been in in play and in favor with our traders for quite

some time. When you look at the accounts, I mean, what's kind of cool about talking to you as you can look at the accounts and aggregate and look at the trends um our, most accounts up, are most accounts down? Can you give us any indication? Uh, coming into the summer, people were just really hitting the cover off the ball. I think as we've seen kind of coordinated with some

of the Sloan slowdown in activity and volume. I don't know if it's if it's hand in hand with with losses preceding the slowdown, of the slowdown preceding the launches, but we've seen folks really treading water for the last six months again, that that has really that tide has started to change a bit in the last you know, three or four trading days again positions for September. We were really excited about where we are and how we've weathered the summer in terms of some of the slowdown

while we've continued to grow. Um, we're excited to be to be hitting the fall where everyone is kind of back in back in their seats. Dan, you guys have been around trades, there has been around I think you're founded back in so six years you've seen some different market trends. Uh. What do you make especially of the impact of the Reddit meme stock frenzy that blew up the markets and trading in a few names. But we

continue to see that trade. Certainly you are seeing it in terms of some of the moves and the flows and the trends, UM. But what's changed in those what five six years since you've been doing this? I think you know, to your point read it. You know, the democratization of information. UM. You know, when when one person knows it, they have the ability to post it and

share that information with others. So you know, the the ability for people, for investors to communicate, uh, and and to and to share like ideas and to debate those that they may not share. I think the uh, the the the perpetuation of these meme stocks really exists because of people's ability to share information and amongst themselves. Uh, you know, without without the connectivity, without the social aspects of some of the places that people hang out on

the internet. I don't think we see this and we definitely don't see it to the degree that we've seen it. So, you know, there's been a bunch of factors, UM, you know, retail investing in the last couple of years, between the onset of commission free trading, the democratization of of of of ideas and idea generation as well as the ease

of on boarding, the ease of funding accounts. All of these things have made, you know, sort of eliminated a lot of those barriers to entry for the retail investor and made the markets and investing more approachable where it wasn't just for you know, the rich or the one percent. Uh So, I think all these things have played apart. Uh And the Internet is as as a vehicle for

information sharing, is really helped perpetuate that. Hey, we love talking with you about the meme stocks and some of these interesting names that have gotten a lot of attention. They don't sell for a lot of money. What about any kind of trends that you're seeing among the bigger names, those that Manny would argue have a lot of fundamentals to trade on. Are you seeing any interesting trades there and any interesting trends we're seeing. Obviously today Apple is

is really um, you know, flying high. We've seen you know, there's been, there's been in lots of investor intention in some of the larger cap names like Tesla, Apple Um to the up side or a little bit about to the to the upside, to the upside um, And I think that that that that we are now seeing a little bit of a rotation back into big tech, back into some of the bigger technology names that maybe we're out of favor um towards the beginning of the summer.

That's interesting. What in terms of among the big tech or are the well known names, what are you seeing that's being sold? Just talenteer big one being sold? Um, a m D another one being sold. Uh, we've seen people rotate out of a m D and into Intel. Um. What others uh? Facebook another one? Um for some reason, we're seeing a bunch of people traded on the short side as well. All right, good to know. I love talking about these trends with you, Hey, Dan, Thank you

so much. Enjoy the rest of the summer. Dan pippatone, he's co found of Trade zero America, joining us on the phone from Brooklyn. Thanks for listening to Bloomberg Business Week. Download the podcast on iTunes, SoundCloud, or Bloomberg dot com, and you can also listen to our radio show at two pm Eastern on Bloomberg Radio or watch us on YouTube search Bloomberg Global News