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Let's get to our street right now for the bulls.
We have bill style PNC asset management group chief investment strategist at front of errors we have John got -- is advisor shares active bear ETF.
-- manager gentlemen -- great to see a bill.
You're the more bullish of the -- here but I I have to say it looks like investors think we and just may have talked out here maybe now's the time.
To count your -- to count your money and put some of it in your pocket no.
Well I -- I think you concerned.
We expect it like it you know any any bull market you're gonna have club pullbacks and -- I wouldn't.
I doubt that we'll have another one -- do you think you have to look at it is we're do you think things are going over the long run.
And really what we're looking at is we expect the economic recovery while it's.
I'll call itself par we expected to continue -- -- you're seeing at least some relief from Europe certainly we'll see probably some headlines around that election.
Which after thing about the long run I also think you you you really have to think about valuations and I think that's where the bull case really gets made.
Bob let me get to John Madden and here's how bearish John is he runs a short only managers -- short only ET FY.
The bearishness and at what point do you become bullish -- what do you do that.
What we're about.
Three and a half years into the bull move since the lows in march of 2009.
-- is a five year lows.
-- price to sales ratio and the S&P 500 is the highest at any time before the 1990s.
You know tech -- I would argue that the valuations are very rich but you're pretty much weight to the party at this point if you're buying stocks.
You know John I -- -- stick with you for a second because you work.
Bullish on both dollar and -- the gold usually these two things trade in opposite directions why do you think they'll go together.
That's right wolf short to intermediate term I'm bullish on the dollar because I think that a pullback in the market will force.
People to cover their dollar shorts and repatriate the US dollar.
Secondly to a short term boost.
And then longer term I'm bullish on gold because I think that it's being viewed -- around the world globally as a currency as opposed to you just the precious metal or hedge against inflation.
Let me go back to bill that if you like stocks which we know you do certainly.
Where do you decide to put your money to work coming at some point you can say well the financials look pretty good right now but we don't know if that's really the place.
And what about consumer cyclicals what is it that you like right now for the short long term as -- -- -- six -- -- two year.
Yeah and I think I I like to put in under the theme of kind of thinking about sectors that which could have the opportunity for.
-- -- return of capital to shareholders so you know we kind of break that down to couple or three of our overweight Doug -- -- Really being technology consumer discretionary and health -- all have that ability I don't take technology just as -- -- -- a real example -- you have a perfect example in like a Cisco.
Where you have an opportunity where they they came out just announced they were gonna return 50% of our cash flow to shareholders and all the -- the dividend goes to 3% roughly.
I think those are the opportunities -- when you look at the sector as a whole.
The sector has the highest cash to market value of any sectors there are out there are so -- opportunities of future gains or future increases are really there.
John as a bear -- stocks are you betting on interest rates going up which might put us put more money in fixed income.
Not really mostly focused on individual companies as opposed to trying to forecast of course they really have nowhere else to go but up over time.
Because instead he -- people -- -- for the past two or three years.
That's right eventually we'll get there once these intervention -- -- QE we're probably up to sixteen we just don't know right now right.
I -- -- interventions don't work eventually they'll come to -- and and everything -- you know clear itself out -- it should.
Let's just quickly and with bill because I have to know you like Cisco but some other names out there what do you think -- a real opportunity.
Yeah I think in consumer discretionary will like Home Depot I think it's really a play on.
What you're going to see this week -- is probably more data of the stabilization in the housing market.
And we have an aging housing stock I think that's interest thing a Merck where you're seeing a transition from.
The a lot of their patents falling off to a lot of new drugs that I think will be coming out here by the end of next year and a nice dividend to the kind of but tide you over.
And it's a split decision on those stocks to -- -- -- John delve -- oh thank you very much gentlemen good to see -- -- --