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Wells Fargo senior equity strategist Scott Wren on uncertainty and the markets.
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-- Other the markets are triple digits they're looking at the Dow is up one quarter percent or 163.
Points but investors cannot forget the uncertainty that has been plaguing -- -- -- over the last several years.
It's used as an explanation or perhaps an excuse for our nation's lackluster growth slowdown in hiring and stock market volatility.
But both candidates do you say they can about these trends -- improve things are they right or will uncertainty continue to weigh on our economy no matter who occupies the White House.
Scott -- senior equity strategist at Wells Fargo good friend of our show is here to weigh in hi Scott good to see you again.
So what are your thoughts we gonna get more or less uncertainty if we get a definitive answer for who wins this presidential election tomorrow.
Well I think I think.
I'm hoping as you guys are that that we we have an answer by late tonight or tomorrow morning.
I'd like to think that we will.
Mom and I think we're going to trade off of that right now and I think actually be asked -- -- the markets up a little here that core logic -- of the pricing data was good.
But I think -- of them the markets up a little because.
There's some rumors turning that -- Romney's doing a little bit better here so I think that's played into it but still.
To turn the US economy I mean this is a huge ship it's gonna take a lot longer than a year or fifteen months or something like that so I think.
We're going to still be -- -- we still have the fiscal cliff they're still -- a battle about that we still have the the deficit limit we're still gonna battle about that.
But I think for the most part the fiscal close going to get kicked down the road.
Will raise the deficit ceiling they're still going to be plenty of uncertainty about Europe and Chinese growth and things like that but.
-- You know whoever wins this election I think we're gonna trade off it through Thanksgiving there we're gonna move on -- -- close.
And we -- -- even though in that you know market is rallying on these rumors it's still is really all about congress to the end of the day right we really -- we could have they split house split congress again and get nothing done.
For another two years.
Yet Tracy I tell you really you know in the past.
In the years I've been around most of the time gridlock is good.
I think that worked in the past but it's not going to work in the future and I think.
Will have a little bit -- gridlock as we battle over this fiscal cliff issue in the new congress comes in the markets may put up with that for a little bit.
But I think really six months into the new year or nine months into the new year.
We're gonna need to attack this deficit point would this deficit we're going to need a plan I don't -- -- say any plan.
But right now we need a plan the market's not going to put up with not having a plan fervor for are really very much longer I don't think.
As for the markets and investors what are you hearing from your clients what are their main questions right now their concerns and how are you advising them as to where to put their money right now.
Well you know -- we've thumb our clients have been very fearful here they have a lot of cash on the sidelines they've been very hesitant to get into the market.
I think that they're they doubt the sustainability.
The recovery here in the US.
Other worried about Europe they may not know all the details but they're worried about it by the here the China's slowing down.
What we've been trying to tell them is that.
You don't valuations.
Are are not excessive.
We think that the recovery that we see here in the states it's slow but it's going to keep rolling the global recovery is going to keep rolling.
We've got a target out there for year end 2013.
To 1525.
To 1575.
That's a decent return from here when you throw on a couple of percent.
Dividend so were optimistic and we're trying to a big part of my job is to try to get our clients.
To buy into that to buy into that the fact that you know the world's not likely to end.
And no matter who takes over the presidency bully gets a nice upbeat statement Scott thank you so much --
