Karen Finerman

The VIX at 30 is a signal. She's also watching S&P levels. We're near a bottom. She took off some hedges today. She bought back XLF.

The VIX at 30 is a signal. She's also watching S&P levels. We're near a bottom. She took off some hedges today. She bought sold this today and bought some SPYD calls.

The VIX at 30 is a signal. She's also watching S&P levels. We're near a bottom. She took off some hedges today. She bought sold this today and bought some SPYD calls. The market is very oversold.

She's long both names, but their margins are getting squeezed. It's not an ideal place to be now. The backdrop are rising mortgage and interest rates. Mortgage rates just hit 7%.

She's long both names, but their margins are getting squeezed. It's not an ideal place to be now. The backdrop are rising mortgage and interest rates. Mortgage rates just hit 7%.

She's long been watching this. Its move down has been caused by rising rates. But it's starting to tick up. There's still plenty of credit room to move, though maybe a lot less rate movement.

As a 5-year hold The valuation is attractive, balance sheet is good and there's non-discretionary demand for the products. Many of the underlying stocks pay a good dividend.

Last week, the Fed was hawkish and they're nowhere near done--inflation has to fall a lot. The Fed will hike more. Housing has cooled and other sectors will. She isn't buying this rally. There's more pain to come. For some stocks, the bottom is in, but not the overall market.

Activist Elliott Mgt. buying a huge position is a strong endorsement of the new CEO. The CEO has raised forward guidance out there and he must be very confident to do that. This is impressive for a new CEO to do this.

Reported after hours a mixed quarter, but positive guidance. They hold A-list malls. Occupancy is 93.9% vs. 91.8%--great. EPS beat, but revenues missed. They were on death's door two years ago but have come back impressively. The quarter was better than she expected.

They abandoned deal stocks today. Shares tanked nearly 20%. The company has been lying about its plan in its filings and she is furious. The company lowered its own guidance, yet was saying in its call that things were going well. That was BS. The company has wasted so much shareholder value in five months since they received that offer. They have underperformed every retailer. Management has been incompetent and lying to shareholders, no doubt. She wouldn't be surprised if an activist came aboard. They are terrible.

She's always net long, including many FAANGs, so the market now is painful. But the pendulum swing is accelerating. Netflix's PE has fallen to 15x. That is amazing, though there is room to fall further. The IGV has more room to decline, too. She's rather be long the FAANGs and short IGV. She would love to buy Lulu, down $150, though still not cheap because its PE is around 30x and she wants to see 20-25x. She's not selling. She wants to see the VIX shoot up, though it was high today. We could see a turnaround tomorrow.

Banks have been hit lately, but don't forget that interest rates will go up and this will widen their spreads. The consumer is in good shape. Credit xxxx. Banks offer cheap valuations. JOPM is on her list while BAC is her biggest position among banks.

It's fallen to where it was pre-Covid. It should be lower than these levels, not at fair value.

She would love to buy Lulu, down $150, though still not cheap because its PE is around 30x and she wants to see 20-25x.