. >> here to talk more about the markets is michael farr, president of farr, miller and washington. welcome and happy new year. >> in washington, i'm not sure i have the right airport. >> let's talk about what mike just mentioned. that was earnings that are going to start coming fast and furious. roughly at the time of the inauguration. do you think they are going to this year be strong enough to support stock prices where they are? >> probably not on that 12 and 13% growth change that mike talked about. that was an excellent report. everybody should have listened to what mike just said. the markets priced in a rosy scenario and we need to see if it's going to deliver. out of the blocks we look at bank earnings and to see if the changes in the dollar, we saw a dollar spike that really went up a lot after the election. it went up significantly and when it does, it trims the gdp, but also can trim off of the profit margins of the multinationals. there are head winds in place and markets been looking for all of the good things that will come tomorrow in ignoring the tough things today.

s farr of carmel, cifni thank you foyour aenono this mte signed sincelynay pelosi, demoat lder. the honorable the spear, house of representives, sir, rsuant to section 553 of th tional defense authozaon act for fiscal ye 2017, puicaw 114-328, am ead to appoint the following indivial to the tialommission on mita, natialnd public servic m edward allardi of los angel, california. thank you for your consideration of this appointmt. signedincerely, nancy posi, moat lde the speaker prteor pursuant to clause 4 of rule 1, the following enrolled bills were signed by speaker pro tempore upton onhursday, january ,01 39, h.r. 72, and the speaker signed the following enrolled billn thuray, jua 19, 2017, senate 84. the speaker prteore: t house will be in order. thchr announces tt detoe seated on the atform, sitting members of the 115th congress must have an officialin which they will be given as ey leave the chamber. membs e advised there are no extra seats on the platform therefore, oy sittg membe will be seated on t ptform. der no circumstaesil former members, former house officers, spouses

let's bring in michael farr, the president of farr miller and washington. he's joining us today from what looks like sunny florida. michael, welcome back. >> thank you very much. great to be with you guys. >> what do these results do for the overall trump rally? >> i think they help support it a bit. particularly the time when the overall trump rally seems perhaps to be running out of gas. i'm wondering if we're beginning to see sort of that history rhyming thing with reagan's first few months in office, or before he got in office, from reagan's election to reagan's inauguration. markets went up about 8%. and then six or seven months later we were in a recession. in 1982 we hit one of the biggest bull markets ever. there's a lot of hope that can get built up at the beginning of someone's term before they are actually able to do anything. so i think these bank earnings help support some of the enthusiastic rally but there's a lot more left on the table. >> michael, it's josh brown. is it a little bit of an oxymoron to continue to call this the trump rally wh

he is the president of farr p miller and washington. arthur, you have the hat. you go first. does this, in your mind, have staying power? >> i believe it does. i like the broadness of the move in the sense that the diverse participants, boeing is a big help, travelers, triple m. it is not a sector. it is not the financials to the text that are slowly leading the way. it has staying power. your previous conversation on set, the one thing that does disturb me about the vix, we are making record high was a reasonably low vix. that always worries an old-timer about signs of complacency. i don't feel it in my gut yet. >> you have made the argument that you think this trump rally has gone too far too fast. what do you think today? >> i think it is going farther. may west said too much of a good thing can be wonderful. let the pind juns loose. market prices are out stripping the fundamental evaluations. what's so lacking in fundamentals? >> okay. so the banks look really good. i like the banks. i own the banks. i'm going to continue to own the banks. the roes on the banks are below

let's discuss it with michael farr, a cnbc cribber. good morning.ays nice to see you. >> nice to be with you. >> you've been warning there's a lot of hope and optimism baked in to the trump rally. you've been skeptical of it. so, are you surprised to see a pullback here? how much do you think we have to go? >> you know, a lot of what the president-elect has proposed could be and may be and should be hugely stimulative for the economy if they all happen. but we're starting to get -- what i said was, you know, i think the stock market has moved up in anticipation of these things actually happening, but in washington things happen in messy ways, if and when they happen at all. i think we're seeing the beginning of the messy part of it. we're seeing overnight in the u.s. there was a vote around 1:30 in the morning about obamacare or the affordable care act. they're repealing it through a tax proposal but they don't have anything to put in place of it. speaker paul ryan says when they actually do the repeal they will have something in place, they hope to

convention center, sam farr, abc 7 news. jonathan: coming up, poppies swiped in manassas. the red flags. universitymerican announced a decision to remove a controversial statue. why law enforcement agencies are celebrating its removal. maureen: four months after a launchpad blast disaster, what caused a rocket to explode. why are you checking i want to see if it changed. credit scores don't change that much do they? really? i'll take it! sir, your credit... is great, right? when was the last time you checked? yeah, i better check my credit score. it's free. alright, no more surprises. credit karma. give yourself some credit. jonathan: spacex will return to flight on sunday. this is video they would rather not see. the launch comes after destroyed explosion $100 million worth of satellites and damaged the launchpad. spacex said it worked with nasa and agencies to correct the fueling caused the explosion. maureen: a rough start to the new year for one driver whose car went up in flames just before sunrise in northeast d.c. the cadillac was found burning on comm

laws under his purview as attorney general are faithfully executed, and this includes the rohrabacher-farr limitations that no funding shall be used to prosecute those throughout our country who are in compliance with their state's medical marijuana laws. all of this comes down to a constitutional theory and a constitutional commitment to what will be the 10th amendment and that is the states have a right to make determinations in all of those areas that the federal government should not be involved in. this should definitely be left to the states. the speaker pro tempore: the gentleman's time has expired. the chair recognizes the gentleman from south carolina, mr. duncan, for five minutes. -- uncan: the speaker pro tempore: without objection. mr. duncan: mr. speaker, in the history of mankind, civilizations have turned to sports as a form of entertainment. maybe distraction from the routines of everyday life. a great way to spend time with friends and family. whether it was the gladiators, the justing or college football today, -- jousting or college football today, it's a great form of e

michael farr, the president and ceo of farr miller is with us. peter costa is standing by at post nine at the new york stock exchange and that's of course rick santelli coming in from chicago and the cme there. peter, i told you. you're the one, the lucky guy, that gets to explain all of this to us, the selloff, the worst day in 2017. is this a response to the executive orders coming out of washington or were we just due for a pause anyway or all of the above? >> i think it's a little bit of both, bill. i think what's happening is that the market i felt was a little over priced given that once somebody has an opportunity or a reason to sell, they're going to sell. and i think that's what you saw. you have a lot of push back about this immigration ban and i think that that probably stuck the administration a little bit so people are, you know, want to get out, try to get out at the top and that's all you're seeing right now. i don't think this is a pretense for what's coming up. i think it's just an opportunity to get out and a reason to get out.

new details in the death of former nfl star mel farr. >> per night team 67 to 1973, mel farr played gameslions. he died at the age of 70. we learn through espn's outside the lines that his family had donated his brain and spinal work for research. the boston university school of medicine which determined he did suffer from stage three chronic encephalopathy, disease from repeated to the head. cardinal facing punishment because chris korea hacked into the houston astro's internal database over a period of years beginning in 2013. major league baseball order the cardinals to pay the asters $2 billion at the cardinals will have to get two draft picks this year to the astros. karen who was sentenced in july to four to six in prison last july issued a lifetime ban for major league race poll. superman has planet who stand. the super bowl is in houston, texas. but about houston, scotland? working to campaign for his favorite candy skittles. marcia makes traveling through houston, scotland heading up reschedules in talking to scouts about the super bowl. >> this is a scandal that. >> we've got th

just pulled pul into the city limits of fredericksburg and prettyicksbu nasty out on therg roads so farr can see in our view out the windshield here there is snow,ss about a dusting to maybe an inch on the side of the roadway. no snow in the road. however, the roadways areay pretty wet and we do have sortes of a misty kind of snow coming m down as we speak.pe. that can be an issue because beu the temperature in our i carrieding right now is 21 degrees, well belowrees, well freezing and as we know well below the temperature thatha water can turn to ice. i as you can see, also, looksls l like maybe a snowplow, kind of hard to see out here because bee it's also very hazy but h they are trying to keep the t salt and sand down on thedown oe roadways right now trying toing prevent any of this water on war the roadway from turning tong t ice. now, the good news is trafficra is moving pretty well. wel that's basically because it'sicu pretty early in the morning, possibly people are takingg heed to this winter storm warning and hopefully staying t off the rothadwayans because idi probably only go

i'm happy with my caucus even though we have people farr more conservative than me. to the overall fight on lowering drug prices but more importantly, preserving health care f for all. most americansns do not realize- even peoplee that voted for donald trump do not really get it yet, but the agenda they put forward on health care, on the full rights, even on making sure things werere made in amerericad fightiting for lababor unions -o many of the things they are proposingg for the people they putt an offifice like e the seca ofof labor, who is a against a 5 minimum wage or was against a , they doage, period not realize these are policies being put forth at a time when we should be expanding social security. why do we have 5 million people in america, seniors on social security living below the poverty line? that's unacceptable, and here are people threatening to cut back on social security? we need to get folks will -- , as they say. trumpast question, ivanka holdlding a fundraiser for you n 2013. where did it happen? your thoughts on her and her father today? senato