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An incredible to see that broad based -- across -- many sectors as you pointed out to -- best.
We think the forest for the Dow in some two and a half years.
Can't sneeze at that -- July kicking -- the bank stocks make -- five for five posting solid gains each and every day this week -- the Dow again has not seen this type of weekly performance in two and a half years.
Taking also lifting the year to date performance for the major averages Dow up.
8% for 2011.
With the S&P 500 and NASDAQ up 6% for the year so.
The third quarter continue to provide some summer sizzle or is it time to put your money on ice take more defensive posture.
Our next guest says fire in grill for some buying we're joined by Bill Stone chief investment strategist at.
DNC wealth management and -- -- awfully bullish here bill also no surprise to you that we saw such firm rallied this week and what's likely that it has legs after the holiday.
Well I think.
Does their legs hard to say in the short run obviously weather it continues on it's it's kind of a interest seeing.
You know amazing roller coaster we've been on we kinda thought we would see for the whole year on the -- -- be something like low double digit returns and as you mentioned.
We're kind of right to literally right on target to make it if we can do is double up this first half of the year but it certainly I didn't feel very smooth -- it.
But that being said I think you know we do continue to see.
That the economic backdrop well you know it'll be uneven at times will continue to support things and that's why what I think he really saw come through this week a couple.
Better than expected news items and we went off to the races spell the past couple of weeks we have some rocky times where you want buyer.
Over those past couple scary weeks.
Well we had suggested to our clients that it we we really believe it was an opportunity we've said -- way back we expected a pullback.
Just because they would begin those doubts about the sustainability of the economic recovery.
Because we knew we were in that soft -- so.
How we feel good we were out in front of that one to suggest that people -- -- certainly didn't know -- as -- going to be this week that things were gonna turn around so strongly.
But certainly happy that we are in there.
And are you surprised I know we're only a day away outside of the end of QE2.
Quantitative easing program of course there's a lot of concern and people -- suggested perhaps said the end of this program had been -- -- -- -- to -- the volatility in the weeks leading up to this like.
So what do you think of today's performance.
Given where -- thought for a while that may be the whole fears of QE2 were frankly overblown we thought.
More the market's good performance is gearing QE2 had to do with the economic data net economic data surprised to the upside -- it.
Just like you know frankly -- -- president -- so while -- -- having a soft patch.
And that was really the determining factor not whether QE2 was in -- in place or not but you bring up the great point that's the other reason.
Not to fear the end of it is it was such a well known phenomenon even months back I really got to believe the market had -- priced in even if you -- that it was real important.
Thing I'd like to let our viewers know how we do things we we often ask our guests in advance of coming on the show what are you picking in the name it you gave is something that you tell.
More than half your clients at PNC to -- what is that payment wiring so hot -- it.
We like Johnson & Johnson I think you know it falls among our theme and we've been on this -- -- -- maybe it seems boring but for quite some time.
On focusing on high quality.
Dividend growing kind of companies I think it's the kind of company that you can feel comfortable riding through one unfortunately is probably still gonna be Iraq even though were positive.
The fact is it's likely be Iraqi think about it Johnson Johnson.
Of a balance sheet that's his phenomenally strong.
I dividend yield over the ten year treasury -- and adding about a 3.4 percent dividend yields likely to grow that dividend it's something between five to 7% a year.
You know I think those make up for at least an attractive relative return how it turns out overall.
Always hard to say but I think a very nice placed two eight to kind of ride out any sort of bumps and and hopefully get some nice returns along the way.
But Phillips a crowded position we have so many analysts strategist coming on talking about going -- -- -- the dividend players so.
He did suggest that this is you know you opted to be great for about -- right here but I mean can you hold Johnson & Johnson long term are you staying defensive dividend players for.
The balance of the year let's say.
You know I I don't believe it's necessarily crowd and I know there's a -- people talking about it.
But the stocks don'ts data certainly don't look expensive but we probably change -- tune if they were necessarily expensive I just don't think they are in.
It's it's an odd situation where the largest of the company's I would argue some of the strong -- of the company's.
Are are not really the most expensive that the companies they they tend to be very reasonable in price.
So you know some of that it it was interest thing.
And some of the companies when you talk about dividend focus median means.
-- industrial area things like that that do have a little more economic -- -- were comparable with that as well.
Okay great -- down -- -- talk to you thanks for insects and happy holidays bill good to see you thank you.
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