joining us is erin gibbs. ray to have you with us.s there a sense that the market is finally deciding to look at the dislocation we have seen, essentially what is going on with the real world and with valuations in the markets, or is this just a pause to yet higher levels? erin: i think today is somewhat more of a pause. we had the longest streak since february. it is certainly overdue. are creatinge valuations that we have not seen in almost 20 years. -- based.certainly we are not trading on a rational market, when you look at some of the economic and earnings expectations over the next 12 months, whether you are looking , economicyment activity, it is really about the coronavirus news, particularly in the u.s., and the reopening or lifting of lockdowns also within the u.s. you think, given how far up we have come since march with the recovery in the markets, do you see kind of a more range bound set of gains plateauing? what would be the catalyst for pushing this market higher? erin: i still think there is more room for pushing the

myopic i could say because it tends to produce better results >> with us to discuss markets is erin gibbs as jim pointed out, the stock market looks past these things, however difficult or crass that may seem the reality is that the market has gone on over the past 100 years or so. small cap stocks there up 18 percent this quarter up a few percent this week how is the market able to disconnect like this it has been really impressive. looking at your small and midcaps. this is very much a sentiment rebound and not based on at least strong fundamentals or positive outlook for these types of companies most small and mid-cap companies are still going to be struggling beyond these midcaps as we move through the recession and recovery period over the next 12 months i don't see this past one month period of a strong performance being a sign we can all jump in to the morris beingy and volatile stocks. driving it in particular are some of the software firms that do have a good standing. there are a couple of companies i like like j-2 global, man at y y -- manhattan associates the market cap scale

i want to bring in erin gibbs of gibbs wealth management. o what buying opportunity this can be, i want to ask you about this market itself, erin, perhaps we're nearing key support points. that is a concern that the oomph is out of this thing? >> no. for a long time it felt overinflated. valuations were too high. and you know we're getting very close to the end of the second quarter a week away. then we'll really start to see just how bad second quarter is and maybe how good or potentially how good we think the second half of the year, or bad the second half of the year will be. i think this summer pause is actually completely normal seasonally. i think it is very healthy at this point. charles: so consumer staples like clorox, they have been the main alternative to technology. even those names are looking expensive. i will talk about what could pop next. before we could discuss portfolios and people under 40 years old. what is the distinction there? what would the portfolios look like? >> significantly more risk-taking, yet it is that you're

i want to ask to of my favorite experts, gibbs wealth management president, erin gibbs and jack ablini will ask both of you in general, i will start with you, erin, there is no argument the market was overbought. we know that. so the rebound goes up it pulls back, but where are we in your mind with respect to where this market is? is it fairly valued. >> no. i think we're still at high-end. you saw how quickly the market went down on a few increased fears. i think we'll see those continued waves as we move forward as long as we remain on the really high valuations. i see it as not so much institutional retail investors. when you look at sentiment and optimism scores we break out under 40, and retirees, which, need their savings for just expenses. charles: right. >> you see a mass of difference in optimism and expectations. so i think the push and pull right now is between those who need their savings, versus the under 40 that have clearly been a massive risk-on trade and been pushing the market higher. charles: you know, jack, i got to tell you, even today or late last night or early

i will bring in money map press shah ghailani and gibbs wealth management president erin gibbs.he market finds way to bounce back from the friday selloffs. we started out pretty wobbly today. what do you make of the rebound so far? >> charles, it is like you said it is expected. when we see massive over2% drawdowns on friday. it gives everybody two days to calm down, to reassess and really realize maybe they were overblown on some of the fears we saw on friday and we'll come back. buying dips, looking for value where there is very little value these days but the sentiment is a little more positive today. neil: shah, when you start talking about tells, right? you go talking about thursday's session we rallied in part because people thought the stress test would be okay. nike may have great earnings. that didn't happen. selloff on friday was not as bad as it could have been either. that might be a sign that we could get a bounce today. >> it was on heavier than expected volume. that was a bit of a problem for me. don't like to see the volume on those cases. when we had selling dow

rosecliff managing partner mike murphy and gibbs wealth management cio erin gibbs.ike, it has been too long. i have to go to you in part. you were one of the most bullish guests on the show last three months. you were really confident. you were putting your money where your mouth is. where are you putting your money. >> it has been way too long, charles. i think there are still opportunities, charles. i agree what you're seeing executor rotation like energy, i don't want to chase areas. i want to stick where i see growth. that doesn't necessarily mean buying apple up here at its all-time high but looking for companies. i want large caps i can get growth that have been beaten up and haven't recovered. i'm looking at fedex. we own it. we bottom a lot when it was down. i think there is lot of room to run. i think uber a similar story there. i want names where i can get a lot of growth and i think there are a lot of them out there. charles: erin, we ended last week 12 -- 182 up from the s&p. now there is 100. there are more winners. feels like everything is expensive ri

gibbs wealth management president erin gibbs is here along with leo kelley and haverford trust advise r. thank you for being here. cheap money is going to be around for a long time. surely the markets like that. the fed says it will do anything in its power to make sure that there's enough credit flowing to households and businesses. got to be good for the markets. right? >> absolutely. this is really reassuring. what's actually concerning is we are looking at them saying they are going to keep interest rates low through 2022 and we really have been talking only about a recession lasting until 2021. i think that's a bit of a reassurance that we are looking at, credit open to the markets for several years to come. that's reassurance particularly for smaller and midsized companies. ashley: you know, hank, the fed chairman used the word uncertainty a lot. understandably because we don't know what's going to happen. he called the may jobs report, you know, it's just one report, it's not a trend. what did you make of their forecast? overoptimistic or maybe not so? maybe a bit pessimistic?.