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Seaport Securities President Ted Weisberg, Janney Montgomery Scott CIO Mark Luschini and WSJ’s James Freeman on the outlook for the markets and the ...
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And joining us now tonight's market masters mark -- -- he's chief investment officer.
With -- Janney Montgomery Scott.
Legendary floor broker Ted Weisberg president of Seaport Securities Wall Street Journal assistant editorial page editor James Freeman and let me turn to you first.
This market we're starting to see some strong performances strong together here.
Well absolutely and -- Friday was as significant date technically.
As we broke out of this trading range we've been stuck in for two months I don't think a lot of people thought -- was that in the cards and I think it perhaps where a lot of the short flat footed.
And so we had that very strong closed Friday followed -- another good day today so we're well above these recent.
Two trading ranges and I think -- -- that's a very positive start.
And we we closed however off the highs as you know mark I mean anything to that or do you think it's just the fact it's been three straight strong days and time for a little a little relaxing -- at the end.
Well I think it is a little latter there Lou but in addition of that.
I think that there's still level of unease among market participants relative to what if anything is going to come out.
From the European officials on Wednesday of this week so to be overly exposed in the going into.
An announcement that could underwhelmed the markets with what ultimately is agreed to.
Sets the market up after its recent rally.
For the potential of a significant pullback at least -- retracement is some of what was gained over the last couple of days so.
I think that's the part of the trade off right now between.
That prevailing bullish sentiment -- building on good corporate profits against that which is the unknown at this point over in Europe.
And the president today James coming with a planned here we go again the home affordability.
Plan.
-- A home affordability.
-- -- -- -- -- You know -- -- -- radicalization.
Plan right it's it's been hard to remember all the names of all the programs about trial and they fail so what it's nice about this is they they haven't done a new name they're just now trying to revive the -- program under.
Under the same name and so it helps to remember but.
This is this is more of the same what we've been seeing for several years try -- politicians trying to intervene and save the housing market it's creating new winners and losers this is not a solution.
It's gonna be seen as unfair by some who are getting bailouts and ultimately some of us to pay.
Somebody has to pay but it seems that we've been we've been working overtime in Washington DC at least to avoid the consequences of the decisions they've taken.
I mean this plan for example start -- restaurants with brought -- rigorous.
Check on income.
I know rigorous checkered credit oh by the way dismiss that need for that appraisal I mean this is the stop.
That got us into this mess to Begin where I -- I mean how can anybody seriously.
Take seriously array of administration.
Coming forward with this kind of proposition.
-- -- It's political -- And this is anything that -- to housing market ultimately will help the economy so that.
Is constructive and that's good the question is what kind attractions is really gonna happen what kind of positive traction.
Well I think the problem is they they're looking at a backwards and thinking we wanna help housing and that will help the economy is the truth is it's the reverse if you want a rising housing market you need a robust economy it's not housing that gives us the Greek economy.
It's a robust economy that that gives us a market where asset values are rising and that's where they need to think about what's broadly good for the economy regulation reform tax report.
Mark I mean what's going on in this in this this administration.
Because is James I mean.
Personally give me any part of this economy that strong and can help the rest of I mean I don't care what quarter.
But at this point.
What does this administration's thinking and why can't they get focused on creating an environment for put.
That restoring prosperity.
Well that's interesting I think that they go from one message to the next all in an effort to seemingly trial almost anything to try to resuscitate economic activity.
The jobs act I think it's gonna be largely -- -- given that high level of partisanship their -- and caucus and -- moment so.
I'm worried that there there isn't enough being done to do.
What is necessary to build both self sustaining expansion and as well what is the missing ingredient really in the housing market right now my hand is going up your job what is that there what is that jobs.
-- -- about how -- gonna create jobs -- back to the same issue.
You know we we can talk about government policies we can talk about housing we can talk about jobs.
But there's got to be -- there's got to be a catalyst here and it sure as heck -- leadership right now.
For crying out loud the Republican candidates aren't even talking about jobs on the campaign trail.
Lou if you look at the surveys taken CEOs from small to large businesses alike they point out three things that are given them hesitation to hire.
One is lack of visibility to final demand a -- -- granite global uncertainty is creating some of that.
The other two though are some relief on taxes and some type of regulatory amnesty.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Not one of them requires the CEO or a businessman to take individual initiative or responsibility for his or her enterprise.
That.
Sounds a lot like government itself we're gonna be right back and one -- stay with.
