TO MINUS 0 IN SOME PARTS OF THE 
COUNTRY.
THAT'S IT FOR US.
OVER TO WAPNER AND THE FAST 
MONEY HALFTIME.
>>> WELCOME TO THE HALFTIME 
SHOW.
LET'S MEET THE STARTING LINE U.
PETE NAJARIAN, JOHN JOSH BROWN, 
STEVEN WEISS, AND MIKE MURPHY.
IN HONOR OF VETERANS DAY WE'RE 
ALSO JOINED BY NAVY VETERAN AND 
SUPER BOWL CHAMPION PHIL
McCONKEY.
WE DO KICK OF OUR SHOW WITH 
STOCKS HITTING NEW HIGHS YET 
AGAIN.
THE DOW THE S&P AND THE 
TRANSPORTS LOOKING TO ADD.
AND THE DOW GOING FOR SIX 
STRAIGHT UP DAYS, SOMETHING IT 
HASN'T DONE SINCE JUNE.
A TESTAMENT SURELY TO THE POWER 
OF THE RECENT RALLY.
AS STOCKS ARE UP 10% FROM THE 
MID OCTOBER LOWS.
JOSH, INDUSTRIALS, FINANCIALS, 
HEALTHCARE TECH.
THESE SECTORS KEEP HITTING NEW 
HIGHS EVERY DAY. 
>> I TEND TO FOCUS A LOT ON 
THINGS LIKE BREADTH AND MARKET 
INTERNALS BECAUSE TRYING TO 
GAUGE WHAT THE REAL TREND IS 
BEYOND JUST PRICE YOU WANT TO 
GET A SENSE OF WHAT MOST STOCKS 
ARE DOING.
AND AS I'VE BEEN TALKING ABOUT 
ON MY LAST COUPLE OF APPEARANCES
HERE, IT IS ALL SYSTEMS GO.
IN THE S&P 100.
THE MEGA CAPS.
THE S&P 500.
THE NASDAQ 100, THE Qs.
YOU HAVE TO ADVANCE DECLINE 
LINES AT NEW AL TIME HIGHS ABOVE
AND BEYOND THE PRYER SEPTEMBER 
HIGH FOR AD.
LOOK AT THE MID CAPS B BREAKING 
THROUGH.
THE RUSSELL 2,000 ADVANCE.
AND THAT TELLS YOU LEADERSHIP IS
SPREADING OUT.
IT IS NOT NARROWING.
AND THAT IS A BE ALL END ALL BUT
IMPORTANT AND LENDS CREDENCE TO 
THE IDEA THAT PEOPLE WANT TO OWN
STOCKS MORE THAN THEY DON'T.
PRICE IS NOW BEING CONFIRMED BY 
WHAT THE INTERNALS ARE TELLING 
YOU. 
>> PETE, WHAT IS THE CATALYST 
FOR THE NEXT LEG?
BUY BACKS RETURNING?
IS THAT NEXT?
>> I DON'T KNOW NECESSARILY IT'S
BUY BACKS.
BUT WHEN PEOPLE GO THROUGH THE 
VARIOUS REPORTS.
YESTERDAY WE TALKED ABOUT THE 
MILLENNIAL NOT WANTING TO 
INVEST.
I THINK SOONER OR LATER DOWN THE
LINE AT SOME POINT THAT MONEY 
HAS TO GO INTO THE MARKET 
BECAUSE I THINK GUYS ARE MISSING
IT THE LONGER THEY HAVE STAYED 
OUT.
AND THE PROTECTION LEVELS WE'VE 
TALKED ABOUT, WE'RE BACK IN 
THOSE AREAS WHERE WE'RE WELL 
UNDERNEATH THE 250 AND 200 DAY 
MOVING INDEX.
MEANS TIME TO BUY PROTECTION.
I THINK THE LOOK AT THE 
FINANCIALS.
GOLDMAN SACHS, J.P. MORGAN.
THE WAY THEY HAVE BEEN ABLE TO 
SHRUG OFF THE BAD NEWS.
>> PHIL ON THIS VETERANS DAY.
WE'RE GRATEFUL FOR YOUR SERVICE 
AND THATLE OF YOUR COLLEAGUES.
CURIOUS HOW YOU SEE THE MARKET. 
>> THANK YOU SO MUCH FOR THAT 
AND THANK YOU TO ALL THOSE 
VETERANS THAT ARE SERVING 
CURRENTLY AND THAT HAVE RETURNED
AND ARE TRANSITIONING BACK TO 
THE WORKFORCE BUT SCOTT, I THINK
WE'VE THAT WE'VE GOT STRONG 
ECONOMIC TAIL WINDS.
IN THE ECONOMIC ENVIRONMENT.
WE'VE GOP GOT STRONG EARNINGS.
AND CRUDE OIL DOWN ABOUT 21% AT 
A THREE YEAR LOW.
WORLDWIDE CENTRAL BANK 
INTERVENTION SO WHY FIGHT THE 
TAPE. 
>> DO YOU GET WORRIED ABOUT THE 
DROP IN CRUDE?
IT'S FOUR YEAR LOW.
CERTAINLY IT HELPS WHEN YOU, ME 
AND EVERYBODY ELSE DRIVES TOT 
GAS PUMP.
BUT WHAT ABOUT CONCERNS AFTER 
REAL DEMAND WE TALKED ABOUT THE 
BEAR MARKET IN CRUDE OIL.
AND YOU HAVE ENVIRONMENTALISTS 
THAT HAVE ASKED FOR OR WANTED A 
REDUCTION IN DEMAND OF ENERGY.
AND IN THAT RESPECT IT IS GOOD 
FOR THE ENVIRONMENT.
BUT I THINK FOR THE CONSUMER, 
WE'RE COMING INTO THE HOLIDAY 
SEASON AND COSTS ARE DOWN ALMOST
A QUARTER.
SO THIS IS ALMOST LIKE A BIG TAX
BREAK FOR CONSUMER AT JUST THE 
RIGHT TIME INTO THE BUYING 
SEASON.
.
>> I AGREE.
THE TRUTH IS THE REASON I LIKE 
THE MARKET IS BECAUSE WE'RE THE 
BEST HOUSE AND HAVE BEEN IN 
TERMS OF THE ECONOMY. 
>> MAYBE WE'RE THE ONLY HOUSE ON
THE BLOCK. 
>> WHERE ELSE DO YOU ZBO GO?
THAT IS THE NEXT CATALYST.
THERE IS NO WAY TO GO.
ONCE THAT DEPEND ON CRUDE LIKE 
MEXICO YOU DON'T WANT TO BE 
THERE.
IT'S CUTTING REVENUES.
I DON'T WANT TO BE IN EUROPE YET
OR CHINA.
AND SURELY DON'T WANT TO BE IN 
RUSSIA.
BUT I DO WANT TO BE IN THE U.S.
IN TERMS OF CRUDE, IT IS GOING 
TO BE A HUGE POSITIVE FOR THE 
U.S.
AND THE BEST THING ABOUT IT.
I DON'T THINK I DON'T BELIEVE 
THE DECLINE IS DRIVEN BY LACK OF
DEMAND.
IT DRIVEN BY SUPPLY.
SO I THINK IT SETS UP NICELY IN 
THE U.S.
COULD WE HAVE ANOTHER 5 TO 10% 
CORRECTION?
ABSOLUTELY.
BUT I DON'T THINK WE HAVE IT 
NEAR TERM. 
>> MURPH, THESE MONTHS ARE TH 
TYPICALLY GOOD BETWEEN NOW AND 
THE END OF THE YEAR. 
>> I THINK THE MARKET IS POISED 
TO CONTINUE TO MOVE HIGHER.
BUT I THIS I YOU GET PULLBACKS, 
AS STEVE JUST POINTED OUT.
PHIL BRINGS UP ENERGY AND COST 
OF FUEL.
THAT IS A MAMG POSITIVE.
HOWEVER WE'VE GONE FROM 1820 ON 
S&P TO 2040.
SO 220 S&P POINTS.
YOU ARE GOING TO GET SOME PAUSE 
IN THIS MARKET AT SOME POINT.
I'D LIKE TO POINT OUT FACEBOOK.
THEY CAME OUT AND HAD A GREAT 
QUARTER AND THEY HAVE BEEN STUCK
DOWN HERE ABOUT 10 OR 11% OFF 
ALL TIME HIGHS IN LOW TO MID 
70s.
LOOK AT TECHNOLOGY, LOOK AT 
APPLE TAKING A PAUSE.
FACEBOOK TAKING A PAUSE.
ALIBABA FINALLY SELLING OFF A 
LITTLE BIT TODAY.
I WOULD HAVE A LIST OF NAMES TO 
OWN, LOOK FOR WEAKNESS IN THE 
MARKET AND BUY THEM.
OVERALL WE GO HIGHER BUT WE'RE 
NOT GOING STRAIGHT UP.
THERE WILL BE BACK AND FILL. 
>> PHIL R THERE PARTICULAR AREAS
YOU LIKE BETTER?
>> WHEN WE TALK ABOUT THE 
OVERALL MARKET.
AND I THINK WE'VE GOT A GREAT 
IDEA.
COMPANIES IN THE CORPORATE TAX 
RATE AT 35%, ONE OF THE HIGHEST 
LEVELS IN THE WORLD, YOU KNOW, I
WOULD PROPOSE SOME HARMONY IN 
WASHINGTON.
LET'S HAVE THE PRESIDENT, 
CONGRESS COME TOGETHER, AGREE ON
SOMETHING BY LOWERING THE TAX 
RATE MAYBE DOWN TO 15 OR 20% 
WITH THE STIPULATION THAT THE 
COMPANIES BE REREQUIRED TO 
REINVEST THOSE SAVINGS BACK INTO
THEIR COMPANIES SPECIFICALLY FOR
JOB CREATION.
AND MAJORITY OF THOSE JOBS WOULD
BE REQUIRED TO GO TO RETURNING 
VETERANS.
I THINK IN THAT SCENARIO THE 
COMPANIES ARE HEAVY.
AND SHAREHOLDERS ARE HAPPY.
WE'RE NOT TALKING ABOUT THE 
DIVIDEND OR SHARE REPURCHASE.
IT IS ENGAGING MILITARY VETERAN 
COMMUNITY TO HELP THEIR COMPANY 
GROW, TAXPAYERS WOULD BE HAPPY.
AND YOU ARE BRINGING BACK A 
HIGHLY SKILLED TRAINED WORKFORCE
TO INTEGRATE THEM BACK INTO THE 
PRIVATE SECTOR.
AND I THINK WHAT WE SHOULD DO IS
LOBBY THIS.
I'LL GET PETE, HIS BROTHER, 
WE'LL GET SOME WASHED UP 
ATHLETES.
AND WE'LL GO MARCH ON WASHINGTON
AND ASK THE CONGRESS AND THE 
PRESIDENT TO PUSH THIS THING 
THROUGH SO THAT WE CAN ALL BE 
HAPPY.
PETE WHAT DO YOU THINK?
>> I AGREE.
AND THIS IS SOMETHING WE TALKED 
ABOUT AFTER THE ELECTIONS.
ONE THING I WAS TALKING ABOUT IS
WAS A REPUBLICANS GOT 
POSITIONED, ONE OF THE FIRST 
AREAS I WOULD ATTACK IS GOING 
RIGHT FOR WHAT YOU JUST TALKED 
ACT.
REPATRIATION.
39%.
IF THAT NUMBER WOULD BE LOWERED 
AND YOU TAG SOMETHING ALONG WITH
THAT TO GET JOB CREATION.
PHARMACEUTICALS AND TECHNOLOGY, 
THAT IS WHY I'M EXCITE SOD MUCH 
ABOUT SOME OF THESE SPECIFIC 
SECTOR.
BECAUSE I THINK AT SOME POINT 
THAT WILL GET DONE.
>> PHIL, BEFORE I LET YOU RUN, 
I'D BE REMISS IF I DIDN'T ASK 
YOU WHAT THIS DAY MEANS TO YOU.
>> SCOTT, YOU CAN ONLY IMAGINE 
WITH THE SACRIFICES AND COURAGE 
OF ALL THOSE RETURNING.
POST 911 VETERANS WHO JOINED 
AFTER WE WERE ATTACKED ON 9/11.
I JOINED THE MILITARY AFTER A 
WAR ENDED.
I CAN'T COMPARE MY SERVICE TO 
THESE GREET HEROS AND THE 
PATRIOTS.
AND I'M PROUD OF THE WALL STREET
AND THE THEY ARE OFFERING IN 
HELPING THEM IN JOBS.
THE HUNDRED THOUSAND JOBS 
MISSION.
THE VETERANS ON WALL STREET 
INITIATIVE.
A FORMER BANKER STARTED AMERICAN
CORPORATE PARTNER TAKING FORTUNE
500 COMPANIES AND OFFERING 
MENTORSHIPS TO THE RETURNING 
VETERANS.
TODAY 500 MENTORSHIPS AVAILABLE.
THE WALL STREET WATER FIGHTERS.
HELPS VETERANS GET OPPORTUNITIES
ON WALL STREET BY GIVING THEM 
OPPORTUNITIES TO GET THEIR 
LICENSES.
95% OF THE GRADUATES HAVE GOTTEN
JOBS IN THE FINANCIAL SERVICES 
SECTOR.
I AM SO PROUD TODAY AS I SIT 
HERE FOR OUR VETERANS AND THE 
FAMILIES AND WHAT THE FINANCIAL 
SERVICES SECTOR HAS DONE BY 
TAKING THE LEAD AND ENGAGING 
THIS COURAGEOUS PATRIOTIC, 
WONDERFUL COMMUNITY, BRINGING 
THEM BACK TO OUR COUNTRY.
HELP US GROW AS THE NATION AND 
HELP US THE MORE PROSPERITY, 
JUST LIKE THE WORLD WAR II 
GREATEST GENERATION DID BEFORE 
THEM. 
>> WE'RE PROUD OF YOU AND PROUD 
OF EVERYONE ELSE AND LOOK 
FORWARD TO HAVE YOU BACK SOON.
>> THANK YOU. 
>> LATER ON IN THE HOUR, DON'T 
MISS MEDAL OF HONOR RECIPIENT 
CONDITIONAL JACK JACOBS.
WE'RE GOING TO G
