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Get a call thank you very much we'll more on this rally let's bring in mad at O Douglas Elaine he joins us right now and you this to the NASDAQ up for second with you mad because the six.
Just moving out a correction territory I know that you -- -- to expect volatility yes are you buying into this rally today that.
I think you have to.
I mean if you look at it tech sector sort of -- weird animal and then there's lots of different stuff that falls under attack me in the things we think of traditional text semiconductors computer equipment that's -- stuff that's been hit pretty hard.
There's other things like electronic payments and payroll processors that are hitting 52 week highs but -- -- that most people think about his.
Traditional tac -- gotten pretty oversold at.
This sort of I think let me if you look at technology now has 19% of the S&P 500 -- had to pay attention into that sector that seems to be the barometer of global sales are really help this country is -- economic I.
And one of -- that things that has gotten some people lately is there hasn't doesn't seem to be as much disruptive innovation disruptive changes there has been maybe you know.
In years past so allow these companies almost look like quasi industrial companies now look at their -- look at the cash look at the dividend yields for that for the chip guys for example.
So I think they get to a certain point or valuation starts to matter and even if you don't have some you know super new technology in cutting horizon at this starts to kick in a little bit.
Obviously the fiscal clip discussion continues on a day to day basis even though congress is not in this week -- what are what are market watchers what are you looking for.
Out of DC what are you expecting at this point.
I think we're expecting some sort of credible enough.
Thing that buys us time essentially knowing that a lot of time.
-- and I don't know.
I mean it's gonna take -- in order to get a comprehensive deal that makes sense that really gives us a roadmap for for a balanced -- a deficit.
Adrift and addressing the deficit in a credible way.
It's gonna take awhile to get to all that well with the tell all tax code although in all the different pieces of it so we need to have some sort of helmet and -- he gets the gets has passed just this December 31 deadline.
And then gets this you know some kind of -- three months outperformance out I know it'll get called kicking the can down the road I know -- -- be disappointing to people but I think we have to get past this kind of artificial deadline for.
Do you advise your clients obviously got a lot of high net worth client do -- affirmative for the they're coming Andy was saying what about you to do about my taxes public -- position my portfolio to the end of the year you've -- days like today -- -- 171 points in the doubtful we know that we just had five straight weeks -- down you know down exactly -- -- it's been.
It's been incredibly tough.
-- that is the number one question out there and and our advice is don't don't over think -- don't over steer the ship here because this idea of developed economies whether it -- in the US.
Or Europe or in Japan we've got big debt we've got big deficits we're gonna have to balance you know those costs would keep the economy's growing that's going to be out -- -- years.
And so yes we have this kind of fiscal cliff is very cute here in the US but.
You know in the meantime life goes on companies -- -- to go to work in the innovate to bring new products to get productivity gains and equities are still a great place to be.
Okay is another is still almost Sox -- -- -- -- what you do like consumer.
I didn't -- -- the holidays in fact -- here that's it yeah are you right now so I think there's a lot of opportunity in in kind excessive accessible luxury.
Sort of part of that consumer -- I mean like Saks -- Macy's -- -- well I'm thinking you know the Coach Tiffany's and and even you know down -- -- like Starbucks -- or -- it could be you know sort of a -- on a daily basis but -- that about the number of people we hear a lot about the unemployment rate but the number of people have -- continues to -- confidences and almost 45 year high.
Housing -- recoveries really taken hold a lot of places.
There's a lot of pretty good stuff going on and I think people are gonna be in the mood to spend and I think I have the ability to spend.
All right well we're gonna need them to spend -- matter what he had -- -- to their wallets or their taxes anyway we show hotel -- Matt Bennett thank you very much thank you -- -- have.
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