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Stay tuned for that of get towards street -- Saturday that we've got to pull out of there outbreak all right -- films don't PNC wealth management chief investment strategist.
Is our -- for the bears we have Lance Roberts street talk advisors if -- is already cracking up -- he's like -- take an audit.
I think time so get your up perspective first bill.
You're an optimist and you believe that earnings will not be as bad as everybody is anticipating.
Yeah I think we have said it at a relatively low -- I think he really consensus is that we snap -- eleven quarters streak of -- -- -- gains in earnings.
You know yes the economy didn't do great I'm speaking of the global economy here in the third quarter.
But I think it did well enough to kind of be that low bar well Lance let me read you the market watch one of the headlines today says brace.
For the worst earnings season since the recession free -- so.
Again as mark was talking about expectations they're pretty damn low right now.
Exactly and of course -- the one thing that I was I was laughing earlier simply because I'm not really all that bearish.
I'm just a little more concerned about some of the global macro issues that are standing out there -- such as resurgence of the Euro crisis of course the fiscal cliff coming around around the corner.
-- -- for clients and for investors that are watching the show right now.
It's not really whether or not the market rallies to 15100 that's the problem that's a very real possibility.
The problem is this something along the way comes trips this market up and we lose ten to 151 like why that's what hurts investors like like this -- like the fit.
Well -- exactly you know we get into another debt ceiling debate type structure over the fiscal cliff by the end of the year.
We get into another look.
The Euro crisis has not been solved by one stretch of the imagination.
Spain is not -- request a bailout until the last possible minute and now today.
The ECB just announced that they are fully engaged -- role Spain is required to pay three point six billion euros.
Into the bailout fund is supposed to bail it out -- again the money from.
So those are will issues that are potentially right here right now -- to deal with the next.
And don't tell us something we don't know though that's the -- -- are gonna feel like yeah so and we know that but.
Bill it proves you're at the last time we hit that that debt ceiling and all the were in the short to draw on -- with swirling around there and adopting a buying opportunity.
It no doubt I actually I think -- -- -- we -- the debt ceiling.
It was it got -- thing possibly imagine given that you really looked at the facts and knew we weren't gonna default on our debt kinda so certainly goes to that point of that could we -- more volatility in fact I have no doubt we will I think you've got to focus in on.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Why can say we own apples so we still we still like it at this moment I think the one thing you can come back to -- why did it hasn't lost 10% since -- Well -- think you do when we talked about earlier this some worries about fox and certainly does that that it has been a phenomenal be good guy a performer so it's going to -- a profit taking at times.
I think one thing get down to is it still makes.
Products that people want to buy so we still feel good about it cats like to Janet Jackson song what have you done for me lately if you've been lost hold a bounce from the iPhone 5 -- come -- with something else the committee iPad.
The one time you're here -- you -- Tom deep out it's up 22%.
And it did that what else do you like up there and I'm assuming that you still like HD.
We do still like Home Depot I think you know the story.
Obviously the valuation has gotten not as good but the story and in a lot of respect it's gotten better I think there's more proof that housing has turned higher household balance -- all that.
I do think you mentioned earlier technology was it was a rough sector today.
We like Google so we know another one on top of apple -- certainly had a rougher day today.
But but think about in terms of longer term trend so.
The whole laden the whole cell phone net you know being able to buy things on your cell phone that -- mobility.
I think you rules right there are two to take advantage of it Lance let me focus on the earnings that are coming of specific Alcoa which is always seen as a Bellwether for for the world economy it is -- people are concerned about what's happening in Europe.
The slowdown in China has all the bad news been cooked and Alcoa we've got a tiny bump today.
-- in -- in May be we're getting close a date of the big concern though.
Really what's happening in China and whether or not that comes back -- look at the recent pre announcements we got from Caterpillar as well.
You know the global economy really has a lot weaker than even a lot of our indexes here telling -- -- -- that is a potential downside risk to some of the earnings particularly.
Two more good material driven companies like Alcoa Freeport Matt Moran etc.
You know one area I do like now because of a big correction we've had an oil prices really over the last couple months is oil energy related stocks -- drillers -- are trading at good deep discounts right now.
After -- like the master limited partnership space MLPs.
-- nice dividend -- you can pick -- in the capital appreciation if QE3 cakes and we're gonna see oil prices significantly higher and that's gonna play well.
Good to see about here's a spider XLE for energy but -- you know Kinder -- for example is a master limited partnership and a really solid -- good to -- about thank you so -- guys thanks --