I’m in New York this week, running around doing media, meetings, and later the MTA Annual Symposium. Today I had the honor of doing a CNBC spot live from the floor of the NYSE. I’ve done a few live spots here over the years, but it never gets old being there. To think of all the great traders who have been there before me is just amazing. Then to top it off, I saw the great Art Cashin walking around, doing his thing. He is a living legend and one of the few guys that nearly everyone respects and loves.
It was fun, because I got there and realized I was going to be on with Jeff Cox of CNBC.com. I’ve know Jeff for years and he is one of the very top notch guys out there. I wouldn’t say I get very nervous before these spots anymore, but knowing I was going on with a guy like Jeff made me very comfortable.
The thing about the NYSE that most people don’t know, is its very small actually. Also there aren’t a lot of people there anymore, as computers have taken over. None the less, they take you up some of the scariest stairs ever, to a little perch area above the floor. Here you get makeup and relax before you go live. I was honored to see Michael Santoli of Yahoo Finance sitting up there. He was on before me and was going to be on afterwards. He was at Barron’s for years before going to Yahoo! in October. Just check out the stock price of YHOO since October to see if this guy is worth it. But seriously, he does a ton of media and writes a must read blog for Yahoo!. Jeff, Michael and I hung out for 10 minutes just talking shop. It was pretty awesome.
Then it was show time. Jeff and I walked down the stairs of death and onto the floor of the NYSE for our spot. Bill Griffith and Maria Bartiromo where the anchors. The hit went well I think. Jeff mentioned some interesting developments in corporate buybacks and outflows from stock mutual funds. I noted the recent weakness in small caps is concerning, but the recent surge in short interest could be provide future buying pressure. Lastly, Maria asked me about earnings season and how earnings aren’t expected to be very strong. That is true, but we’ve been seeing this for years now, as estimates get cut ahead of earnings season. Thus, making the overall expectations too low and making it easier to beat the lowered expectations. We could be looking at that again this time around.
You can see my CNBC spot below.