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recession to at least moderate recovery. you know what, bull markets don't just happen then end, they go on a year or so. i think this one extends until next late winter or spring 2010. i know there's negative policies in washington. i don't deny that. i don't like them. we still have a call tallistic xhin the main. that's what brian westbury and i talked about today. i'm reflecting his view, i think the stock market still has more to go and i think dennis kneale has a lot to tell us about this story. >> i think your caucus way too conservative and beaten down. it will be better than they think. "cnbc reports" folks starts right now. >> what a day as we hit new highs. a new jump across the board.

tonight, stocks that still have room to run. plus the commodities check as gold, silver, copper and oil move up as well. also the big battle who should get credit? is president obama's leadership paving the way or was the foundation set by president bush? we're looking forward to tomorrow's trading and get reports from asia as their business day gets under way. the get the real deal with dennis kneale. the special coverage of this summer rally starts right now on "cnbc reports." ♪ ♪ >> good evening, i'm dennis kneale. stock funds in the summertime. the summer rally swooned into full swing, 83 point run-up on the dow, and almost full percentage on the nasdaq, and put all three indexes for new

highs this year, came tantalizing close to breaking the 1,000 mark an important psychological mark and what it means with dennis kneale. this is the kind of summer rally that make s ts the bears howl i agony. sorry for your pain, guys, actually, no, i'm not. this gain comes amid an 11% rise in just two weeks, in spite of rise in weekly jobless claims today. that kind of news might have rattled traders a few months ago. let's look at it through the broader s&p 500 index of giant companies. today, we're up over 1%, close to 14 points of 1,000. it ended the day at 986, that's pretty good. it's within reach of that 4-digit milestone. i hope to see that. the lows of march. s&p is up 46% by my count.

i don't know why we got 34% there. basically talking a gorgeous trending, 46%. unless we get too giddy, a weakness of mind, let's see where it was two years ago. it was at 15 wh00 and now we're still bucking just to get back to 1,000. that puts it into perspective. we still have rebuilding to do, guys, i feel like an important shift is fueling this summer rally. many investors finally are beginning to feel better, climbing out of their cage emerging into the sunshine for higher rewards at reasonable risk. once we feel better, the economy will get better. it isn't the other way around. this isn't just an uninformed upturn in sentiment this is a rational emotional response to real economic improvements in jobless claims, housing prices,

sales in cars and homes and company earnings, so many i'm beginning to hope this recovery everyone else says will be pokey and punky at best and end up surprising us at its strength to. be sure, stocks could sell off tomorrow when the government reports gdp for the second quarter supposed to be down 1.5% or more. it fell four times as much in the two previous quarters. just imagine if it surprises us tomorrow by growing a little bit say up 2.5%. i'm not making this up. that's this forecast at sha sharp-eyed ian. if that's the forecast tomorrow, who knows, stocks might war off yet again. i'm allowed to hope. we had a crack shot all over the market today. let's start with matt. >> that's a hard thing to follow. the big thing on wall street, you want to beat the street.

how about if you bury the street. you look at top five performers on the s&p 500 today. here's four of them. all out with earnings and better than expected and all down year on year. really expectations game. we're in the middle of what will be the best quarter for better than expected results or beating the street we've seen in 15 years or flip it over, the worst quarter for analyst predictions in 15 years. whatever it is, the numbers are coming in far less worse than expected. i showed you good year, hartford insurance, up 15%. wynn gaming a 7 month high and flow serve, industrial space getting edged out by the big industrial ge, our parent company, raised their full year forecast. did i mention ge. goldman sachs likes it, up 7 1/2%, up 22% since the low in

the market three weeks ago when it started. ge having a run of it here today, giving back a little bit the end of the session, final 30 minutes like the dow did. still a very strong day. its best single move in four months for general electric. also worth a peek is general processors, formally called credit card companies really in the technology index. mastercard with a big move. both you can see the downtrend today. the transactions up but dollar amount spent. we talked about these companies in the news rooms, companies you could easily hate. they make boats and auto parts and floorings and counters and kitchen and building products and all up more than expected results. >> thanks. i have never seen bulls and bears so sharply divided whether

this economy is rebuilding or set to tumble into a new collapse. let's check this rift with real bulls and bears. matt nest c with us and david ir with cornerstone wealth management and david at high mark capital is another bull. when stocks rise, something else falls, monies shift from one pocket to another. today, we had stocks up and gold up and oil up and stong treasury auction. is new money flowing in from the sidelines? >> absolutely. and you saw on the treasury auction i was mad because i missed treasury trades, over 60% coming from outside the united states. it's showing people like the chinese government, they're still buying u.s. treasuries. that's a great confidence. >> despite all their complaints.

we were complaining a couple years ago how dumb then chinese were doing buying it at 4% yield and they made hundred offers thousands of dollars and i think they're not buying the treasury is all baloney. i think you can even buy treasuries and make money. money is flowing in. i would be a bull on the treasury market. >> now to david. i'm wondering, i think we're seeing new consumer confidence as shown by news tonight the clunker program is already sold out and run out of money. you don't go out even with a $4500 incentive and buy a new car if you think you will lose your job. >> that's truchlt true. it's more than consumer confidence. business led this off. now, monday's report on the ism. this was the first green chute we saw, very important. way back in december, the seeds

of the economic recovery were sewn in the fourth quarter as we put in place monetary liquidity, fiscal stimulus and all the measures we've done and now we're starting to see the fruits of that. we really are. the white light during the fall. they really tightened up their belts and got rid of all the inefficiencies there. >> and from a bear, before i have to get to breaking news. micha michael, you missed a 45% rally in stocks since march. >> we've been in stocks. we think this is a bear market rally, the last leg before the final leg down and expect it to get to 9600, maybe 10,000 if we're luck kirks after that looking at 28, 3200. there's no optimism in our books. nobody spending money. i don't see the baby boom coming back to the spending party. a clunker, gm, chrysler, deal on

top of that, that's incentive. >> thaw for taking air out of that. back to you, guys. and another u.s. rally, mandy is live in sidney. hi, mandy. >> hey there, dennis. you know, this market just wants to go higher, doesn't it. >> still riding the positive sentiment. japanese market is already at a nine month high and riding even higher with gain of 1.3% despite bad news on the economy. the jobless rate in japan rose to 5.4%, job availability is at a record low in japan and deflation is still a problem with core cpi falling a record 1.7%. go figure. the market is still higher. we should say though because the doll dollar yen rate is above $1.95 it is helping exporting stocks in japan. we will watch china open up, gained back a little lost ground

yesterday after chinese authorities came out and sued global markets they're reaffirming the loose management policy, they will not hit the breaks on bank lending any time soon. the bank of america is planning to set up a wholly owned subsidiary in china, it is unclear how much bank of america is going to be investing in its chinese operation there. those are some things we're watching so far here, all the markets that are open are moving higher. back to you, dennis. >> thanks so much, mandy. bulls, bears, stand by. i want to bring in dick, financial strategist. i'm hoping you can stick around quite a while tonight. what do you think of these markets today and which direction do you think we're going? >> i think we're going higher. i've been watching flow of funds into the market. i see that by taking a look at yield on junk bonds and high grade bonds and the funds flow into the commercial paper

market. what you see in every instance is a huge flow coming off the sidelines and the same flow coming into the equity markets. the second thing that changed you talk to a client or institution, they're not thinking about taking a look at tangible book value, or book val methodologies of evaluating stocks, they're asking you what are the normalized earnings of this company? where will this company's earnings going to go in the next cycle and what type of multiple do i put on that earning projection. a major change in the thought process leading to the fund flow leading the market higher. >> can the market ever come back without participation of the financials? and where are you on those? >> i tend to think the financials reflect fund flows into the market. therefore, it would be extraordinarily unusual for financials to go down and market to go up. therefore, i don't think the two

would move in opposite direction. i'm very positive on financials. i think what we're seeing is the end of the crushes that have hurt earnings and we're looking over the next few quarters in alleviation of the non-performing asset pressure. when that occurs, the earnings of banks in financial companies literally could triple and quadruple from the current levels. >> thanks very much, dick. hope you can stick around. let's bring back in bulls and bears. let's bring in date of hefty, you're a bear. what's wrong? -- david hefty. >> sounds pretty good to me. >> we are in the bounce of a bear market. no doubt about that. the markets are going up. we entered cash april 7th and got back in the markets, just two weeks ago, we increased by another 20% in equities. the reason we're bearish is we're realistic about what's going on in this economy.

we have supply picking up, but it will meet a new low demand to meet new equilibrium. it's much lower than past and supply is overzealous, go right past it and set us up for double dip recession in 2011 and i think the bulls are leading cows to slaughter. you have to know when to get out. >> we just heard the bearish mr. hefty say even though they're bear, they went 20% higher in equity. that's a balancing act, even if you think the economy goes to hell two years out, you miss out on the run-up in the meantime if you don't get in. >> i was just looking at your happy face people feeling better about it. a lot of fund managers aren't feeling better, feeling worse about it. they're in a panicky position we need to do something e need to do something, looking back, statements going out, and that will be the caveat that will

push a bear rationally further than it has the right to go because this market rarely allows so many bears out there, myself included to say, told you s so. >> lee munson, almost the fear of the market changed from fear of collapse to fear of being left out. >> in march everybody wanted to get out to everybody wants to get in. i feel the same way. i was pretty bearish in march. you have to put that money in. if we have any type of weakness on day-to-day, you want to get long in a big way. bears need to understand what the charts and technicals are looking like. >> bulls and bears, stand by. more work for you, bringing them back as we get action. we're picking winners in the financial sector, tech and talk commodities tomorrow on "squawk on the street" with christina romer, council of economic advisors chair. (announcer) take your time to find the right time

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gold getting a little more shine today. oil up 5%. rebecca jarvis has today's commodity check. >> higher prices across the commodity commodities. oil surging four bucks a barrel back to $67 erasing all yesterday's losses. fundamentally very little has changed but traders say they're following stocks, gold and silver higher on the session and on top of that, soy higher for a fourth straight day, supplies

looking weak and china a being demande demander. >> china, this rally is real. joining me now how to make money. zachary, at trend max futures, and tech, david, and dick bove. what's going on? prices have run up and gold going high. if the economy rebounds globally, commodities will rebound even more if inflation kicks in, won't they. >> yes. you had a run-up, gold still looking attractive and crude oil still looking attractive. a $4 move include. you have to look at this market with a trading mentality, trading affair but certainly pick up on short term moves. >> david on tech. commodity super volatile, techno where near as volatile because it always seems to go down down

down near it real value. what about now. >> you have great operating leverage, seen companies go through the downturn. one thing dick bove highlighted financial sectors the biggest buyers of tech. if we can have the negative headwind of financials, it will come back. apart from that, you have very important product cycles, microsoft coming out with windows 7 in october of this year and office 14 the first half of next year. record high level of 4-year-old computers out there. consumers may not be spending but businesses coming back with higher interest rates and profits. earnings growth in tech sector arguably is faster than other sectors. >> dick bove, we just heard and interesting symbiosis there.

if your financial sector is recovering, it helps tech and can do more business taking tech stocks public or something, i don't know. >> financials are certainly coming back. let me give you same example. bank of america a stock i think will triple from the current level over the next couple of years, they had this year or think they had $55 billion in loan losses. on a normal year, with the economy expanding, it's 6 to $8 billion. if you subtract that, you have $47 billion in loan losses that will come back to pretax income. that will cause the earnings of the company to quadruple. because there's more shares outstanding, we think the stock will triple. the stock is selling somewhere around 13 to $14 right now. >> dick, are you at all worried about the old obama backlash again against wall street and banks. >> it's critical it doesn't happen. if these new proposals are put

into place mr. obama has sent to the congress, it will certainly hurt the financial sector and hurt the united states, in my view. the fact is loan losses will still come down. when they come down, we will see the earnings of these banking companies explode. >> that goes straight to that bottom line. back on commodity, zachary ox man, where should investors look on putting their money in commodities now? which one? >> you have to look at getting short on the dollar, sell into any rallies and gold start picking up. inflation at this point, dennis. the problem there's been so much money printed in the last year or so and you have to make mo y money. >> inflation hasn't gone anywhere in two years. >> it hasn't just yet but it will accumulate and inflation kick in. if you maintain inflation rate of 5 to 6% you will lose 60, 70, 80% of your purchasing power over a 10 year clip.

with wages not keeping up with that. you have to find the way to protect the money you will make. get in gold and short dollars. >> let's bring in bulls and bears on stocks in discussion. we have michael, lee, david and david. look at all those boxes, try to talk one at a time. david, start us off on the bullish side of things. >> in terms of opportunities, this is one of the most extraordinary periods we've seen in a long time about opportunities out there. look at the sector level. the more cyclical areas gotten beaten down are very interesting at this point. if you look inside small versus large and growth versus value, you have major dislocations when correlations go to one. when we look what's happening with earnings and how recovery plays out, understanding how we got into this recession will dictate coming out. >> mike, tell us why david is wrong on that.

>> there's no spending, economy is in a shambles. everybody is optimistic that it will be more robust than it will be. the real test of earnings will be people buying goods and services and spending money. >> earnings because of cost cuts, earnings have been pretty good so far, lee munson, where do you fall in. >> i think you can trade gold. i also disagree, i don't think gold and the dollar are negatively correlated. we're printing a lot of money and long gold right now. for bears and bulls, quality stuff had earnings like colgate pal mol live. had a great quarter but wall street knocked them down 5%. that company will do well, raw commodity costs down a bull and bear can appreciate the stock and british petroleum have a nice dividend yield. i don't think everybody need to disagree so much.

you can find middle ground, palmolive gold and staples and get some yield for it. >> gdp second quarter comes out tomorrow. everyone is expecting a 1.5% decline. the guys of high frequency say it could be up a half a percentage point. would the market flip out and go up on news like that if we got a second quarter surprise, dick. >> i think so, the two issues on gdp number are change in inventory and change in net export figure. if the change in the net export figure is as big as i think it is and change in inventories move up a little bit, you will get a much more positive number than decline of 1.5 and high frequency economics would be right on the money. >> wouldn't that be nice. what do you do, mike robino if the markets start to roar again. >> we like emerging markets and small cap growth and large cap growth. we are saying you need be ready to exit and get out when all the

optimism faced and reality of the consumer not coming back to the market. >> he should not be in growth, should be in value. >> david, why do we have to be so ginger about it? why don't we get out? my portfolio is way down, the money i put in, in march is up 40%? why not put in more money, average it. >> you should put more money in. when we look at the way the market's going up, it's not going up because of fundamentals. these green shoots or a bunch of -- >> sure. >> you have momentum more powerful than any fundamental. you want to participate in that with this house of cards, when investors find out the foundation is made of sand, it will come tumbling down fast. you need to ride this out and have your finger on that trigger. when it comes tumbling down, it will drop 30 to 55% from the high. it will be a long winter and you

better have an exit strategy. >> if that drop comes, a question how high that drop begins. one of the first time on the show, bears also had things to buy, a good time. later tonight, who should be getting the credit for this run-up? president obama? how about george w. bush? a little later, the quarrel reports that will move the markets tomorrow.

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a simpler way to ship. call or go online now to get started. for a week now i argued thi; ugly recession is ending right here right now. today, president obama came close to jumping on my bandwagon almost. take a listen to tonight's real deal sound check. >> we have stepped away from the precipice. you know, as ben bernanke and others across the i' i'dologica spectrum of indicated we could have gone into a great depression. i think those fears have debated. >> thank you, mr. president.

he doesn't understand a lot about business and entirely wrong on his punitive and san y sanctimoniou srs view of wall street. don't go anywhere, guys, we have a lot more to talk about tonight. >> we are just getting started. a big day for the markets means a big day for "cnbc reports." straight ahead, the next round in the never ending battle between bulls and bears. which way should you invest? get both sides of the story next. then the real deal squad gets a chance to weigh in. should president obama get credit for this rally or are stocks coming back because of groundwork set by president bush? this is "cnbc reports" and we're back in two minutes.

it was a big day in the markets. it's an even bigger month. dow surging up about 9% so far this month. here's bob at the new york stock exchange. >> stocks came off the highlight

in the day but still managed a pow powerful rally. initiate jobless claims showing some signs of stabilization. a powerful rally in china helped commodity stocks and weaker dollar helped commodities and commodity stocks as well. the treasury department successfully floated $28 billion in new seven year notes. stocks do not go down on bad news and generally go up on any sign of good news. so far, dow jones industrial average went up with the best sh showing since 2002 at 8.3%. >> watching the after-hours action for us, matt? >> 10 s&p 500 companies reporting in the after-hours session. i have to tell you, it doesn't look all that great. disney was going to be the big one. it is trading lower. here are some big names indicating weakness after their reports, metlife, las vegas

sands not in the s&p 500, but pitn pitney bowes, gwenworth and others reported. you will see a little bit of weakness in s&p dow futures. we're showing disney, you see the one-day gain is about 1.2% of the regular session. after-hours, you can see it softening up to $25.50 over the past month or so, up about 9%. it was up about 10 or 12% at the earlier part of the week but disney softened up. 52 cents versus 51 cent estimate for revenues missed at 8.6. wall street factors at 8.8 billion. the ceo saying they're definitely seeing slowness in all divisions and geographies and theme parks feeling it and boeing, softening a bit maybe

the weight of the markets. it had a profit that doubled in their second quarter, 211 per share a blowout. that stock is up 20% in three weeks maybe one of the problems but first solar is definitely feeling weakness after a good run-up. i will tell you tomorrow it's all about chevron, itt, we wearhowser and a half a dozen different utilities. >> earning season winding down. they've been better than expected. what do we make of that. >> we have matt nesto, michael rab r base, no and lee and david, cornerstone and zack, of friend max futures. guys, i don't know where the heck to begin. i will be biased and start with bulls. lee munson, start us off, what are you buying tomorrow?

>> one thing i will be buying tomorrow is anything show iing earnings weakness. maybe wells fargo and pay attention to utilities a leading indicator. if utilities lag that means trouble in the market. if they hit good numbers i will looking for more financials maybe buy back my am ma zochblt any type of staples i see weakness, maybe get more pepsi. >> david, you're a bearish guy. what do you think is worth a bu buy? >> i say long in energy, and gold wilton climbed and eventually reach new highs prior to the big crash. these are areas have legs in it. emerging markets we talked about. emerging markets are where people need to participate. these emerging companies, especially china will continue to lead because they themselves are still in a secular bull market unlike the united states

in a secular bear market. we have to separate those two with our investments. >> the u.s. sells a lot of stuff to those chinese, nice thing. how about you, david, where are you putting money now? >> an interesting play at this point, going back to 2003, it's small caps. we think this is an interesting area of the market. emerging markets we agree with. technology will play we were early in the cash flow there. industrials is one that hasn't appreciated what it can do. stay away from anything overly safe and people hid out. staples, treasury, gold, even oil. >> michael rabino, any idea? >> we like emerging markets, asia. eem, epp, if you're a little more conservative, we think their balance sheet is stronger than here.

they're on the bullish side, we're on the bearish side. >> zack oxman, how about you. >> correlation play, long stocks moving up, pick up commodities. treasuries have room to move up. gold moving up, look at grains, maybe even sugar, cocoa, coffee, look at those markets. right now we're trading in a correlated market. everything is moving right now. >> matt nesto, what do you think the markets will do on gdp report tomorrow. >> you had your outlyer estimate. i don't know where you got that. good research, half a percent positive. >> everyone else is thinking 1 1/2%, joe of deutsche bank thinking 2%. >> it will be a trailing indicator. we need to see the print number and can move on. we will see the close of the month. a lot of statements getting ready to go to mail and a lot of fund managers looking to get

long in this market before they look bad. >> both bulls and bears can make money in this market. thanks to all of you. the real deal squad gets into this act. who gets credit for this rally? what could stand in the way? lots more to talk about. i've been growing algae for 35 years.

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others buy the car of their dreams. during the lexus golden opportunity sales event, you can do both. it's an opportunity today. it's a lexus forever. special lease offers now available on the 2009 is 250. today's "closing bell," music to my ears as the dow is on track for the best july in decades. hope is alive. the recession is over and so i ask tonight, is president obama the savior of our economy? maybe not. in a new rasmussen poll out today, 40% strongly disapprove of the way obama is performing yet only 28% strongly approve of

the way he's doing. that is the lowest rating yet. joining me, julie, democratic strategist and cnbc contributor, tanya acker, lawyer and huffington post blogger and amanda carpenter, and joe. thanks for being here tonight. i think obama's presence has made us feel better about ourselves. we felt a guy clearly on the move trying to make things happen. i think his actions are not what turned around the start of this recovery. >> dennis, i think somehow if the recovery were not happening, you would be blami obama, why don't we give credit where credit is due. you and i know full well the guy in charge is the guy that gets blamed and gets credit when things are going well. why don't you give it a rest and concede barack obama's presidency may have had something to do with.

>> it are you conceding, joe. >> julie, you're doing the best you can. it's not because of the obama policies. hope is alive because the market is correcting itself. it came to the conclusion no matter how much democrats wish, to they can't help themselves. >> what about the numbers on wall street? >> but for the bailout goldman sachs would not have the earnings it did a few weeks ago. interesting, you look at those poll numbers, no question they're tied to the president's efforts on health care reform. i should imagine the nearly $13 million pharma spent in lobbying against reform efforts and about $11 million pfizer spent this year alone might have something to do with those numbers. >> big deal. that's called freedom of the political process. i don't know why you'd be complaining about that especially since they would hire you to advise them. >> amanda of the "washington times," where do you fall on this. >> president obama threw $787 billion at this economic

problem. i would hope we would see something along the way. just because economic output isn't contracting anymore, i don't think that means the recession is over. i think maybe we're bottoming out, a better way to describe what's happening. i think the markets like the fact health care is dead a little bit of relief there. >> can i jump in here right now, dennis? actually, the market shot up after the blue dogs announced they had a deal and senate finance committee announced they had maybe a bipartisan deal health care is not dead. >> it's certainly on life support. health care is definitely on life support. >> maybe you're not reading the same news i'm reading. maybe on life support after rnc spends a million dollar defending the status quo. >> you can reasonably argue the reason stocks went up because we were expecting a blue dog compromise today where it was going to move forward and then we heard nothing. this is stuck and frozen. maybe the market is up on that. >> i think so. nobody likes this health care.

everybody wants health care for everybody's uninsured, we all want that. we don't want it at the expense of making small businesses pay and putting people out of work. that doesn't make sense. these are the same recycled arguments made when president truman tried to pass universal health care and had to compromise by settling for medicare. when we finally got medicare passed you heard the same boogeyman cried. the same recycled argument. >> their doctors are good, want choice, want to keep their doctors. >> it won't happen, you know that, come on. obama said it time and time again, you can keep your insurance if you want it. the market is responding to the fact barack obama's economic policies have gotten us to pint dennis, you can confidently declare the recession is over. >> i said that in spite of obama, not because of obama. >> obama's in charge. >> the poll numbers speaks for themselves. all you have to do is look at the poll numbers and see what america thinks.

>> washington is going into august recess and the market is happy because they seized upcar. everybody is wondering what washington is going to do to interfere with our industry sector. leaving and going home to their districts, the markets are happy. >> the hap markets have been happy. >> any time, any time that this government in this country has moved forward, super comprehensive retooling of the way we do things, you always get the same, recycled, retired arguments. it's always the same thing. wait a second. >> any time -- if i may finish, please. any time government starts a new medical coverage program we think it's going to cost this much and it ends up costing this much. it ends up costing ten times to 100 times as much. that happened with medicare. that happened with medicaid. >> for a program that doesn't work. >> trillion and a half dollars for a program that doesn't work. that's why democrats --

>> why don't we throw the veterans off of the va rolls. >> absolutely. >> anybody, according to your theory. >> let's go back into -- wait a minute. let's go back a little broader here. i have a question for my liberal prends here. if obama does get the credit, if things are going so well, why are his poll numbers so down? why does he lack strong approval? >> i saw nbc poll today that i think showed him 53% of the vote. different poll shows different results. >> strongly supports versus strongly oppose. >> i'm talking about support. >> i'm going to stand by the point i made at the outset. i think a lot of this has to do with health care. i think that the haelth care lobbyist, the health care industry is throwing all of its guns ablazing and trying to stop this. i think the poll numbers are a reaction to that. >> move so fast. i mean, tonya, why do we have to move so fast to fix a system

that needs fixing but spend a trillion dollars. >> they're trying to do it since truman was president and we still have it. the time is right now. >> all right. okay. got to wrap here. got to wrap here. thanks very much for being with us, all of you tonight. next up, the blog, the rally, and the fact that i publicly predicted brighter days five weeks ago. a blogosphere, time to admit i was right? we're back in two minutes. so many arthritis pain relievers --

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just when you get your hopes up this recession is over, that the markets are recovering, regions of bitter bloggers rush in to tell you why you're wrong. they were out in full force today. they were sounding a little pan nirked. one especially diligent shows up on wealthdaily.com from a guy calling himself steve christ. this blogger starts out by saying, quote, as for dennis' breathless provision that the recession is now over, that picture on the score is about as clear as mud. he did mix his seven different metaphors, champagne, connect the dots, deep seeded suspicion,

and he offers nine hurdles to the economic hout outlook. they are very well researched. he runs through the wealth effect, heavy change of debt, unemployment, mortgage results, blah, blah, blah. what he leaves out is sentiment. what this guy misses is that why the numbers are still way down, they are bottomed and are beginning to turn up. look at the litany of hope here, guys. the latest fed report came out yesterday shows the recession is easing. jobless claims are falling. housing prices they have just hit bottom. sales of cars and cell phones and laptops and computer chips are set for a rebound. corporate earnings are benefiting from early in deep cost cutting. businesses are spending more on factories and equipment. and you know what? their inventories are low. they've got to restock soon. and who knows. we could get a surprise in the second quarter gdp when it gets reported tomorrow, that's why i'm still selling the hope, i open the blogosphere would get

the memo and catch up. that's all for us tonight. cnbc reports back at 8:00. appreciate you being here. good night.