to gary kaltbaum right now following all of this. gary, i can't help but start off with what joe manchin is advising here, wants the fed to be on top of this, not get behind the curve. you and i know it could do really one of only a couple of things, it could taper away, stop buying treasury notes and bonds, or it can go right outright and just raise rates. are people prepared for that? >> i don't think the markets are prepared for that, and that's my big worry. i think markets are addicted to what's happened. and, look, my big worry is if i didn't know anything else but what jay powell was doing, i would have thought gdp right now was -5% and the unemployment rate was in the teens. he is doing things right now over and above what bernanke did when we were in the depths of heck back in 2008. and we just don't know what the final outcome of all these experiments are going to be. i write in my reports all the time that every economic statistic, every data point and every asset is working off of this unimaginable amounts of money. and jo

we have gary kaltbaum and tim flores. ry, you are a a momentum guy, should folks stop trying to guess the top, stop worrying about the fed, just let the good times roll? >> worry about everything. worry about the fed, but watch price action on monday. i said to you the nasdaq 100 broke out of range, when that happens, you are going to get much more upside, you are seeing it right now, i expect a bunch more into year-end as we get past the september where everybody's worried about it. look, what you have is a sea of easy money driving this. no bad news is affecting it right now. absent pullbacks we'll get pullbacks here and there. i expect some fireworks into year's end and usually it is led by nasdaq, nasdaq 100 semiconductors. looks like financials are joining for the ride as interest rates back up as i think the economy may start to accelerate again. charles: i will get back to you on the semis for sure. kim, of course the market also goes through these monster gargantuan droughts. in the 40s, the '70s, and early 2000s.

past performance is no guarantee of current performance i'm going to bring in capital management gary kaltbaumgroup that i'm not affiliated with, gary, you're a great student of market history. do you feel like maybe we're repeating 1935? >> well look in 35 you had more to go. i suspect there's more to go now but it's going to be very very narrow. half the market is just not doing it at my friend, and it's the small cap area, it's the chinese abr, it's a lot of what i call the stuff, like the travel-related and transport s and things like that, so stay big cap, stay with things that continue to work and act well off earnings report. i think there's more to go, just be very selective right now. charles: and ryan, to that point back then of course, we were in the middle of the great depression and saw a whole bunch of big rallies and big booms, right? over and over again, part of it was bad monetary policy, so that has changed, so maybe that helps this rally go this time? >> i think it does, just because there's so much cash that is getting invested i wonder what was like to party in 1935 i'll b

i will bring in advisors group phil blancato, along with kaltbaum capital management's gary kaltbaum.hil, let me start with you. the market, listen, we had a pretty good move here. the s&p is up. the dow is up but the nasdaq is struggling a little bit. is the market content with this number? did they even want to see a better surprise? >> no i think the market is very content with this number. it gave the goldilocks moment it is looking for. the fed is not forced to do anything it doesn't want to do. inflation name per to your point is transitory. it is back where we've been all year. cyclical trade is back on and you have the opportunity to be in the reopening trade given the unemployment is improving an inflation right now is not a real concern for the fed. don't get me wrong, half a percent for 12 months is 6% a year, not a great number but not as bad as expected. the markets are reflecting a cyclical environment. add a infrastructure bill. that is why we're seeing a market that has balance in it again. charles: gary, i'm in your camp when it comes to the fed ever hiking again. pow

i have gary kaltbaum an shah gilani. first, let me start with jay powell.ernanke was maestro, bernanke was helicopter bending and perfect nickname the politician. love or hate his work he defined all the rules and he is getting away with it. what do you think. >> me and my staff have a nickname for powell. it is called the joke. the issue we have is simple. i can make the s&p 500 go to 10,000 tomorrow. just print 25 trillion bucks and buy the whole darn thing up. that is basically what he is doing at this juncture. i love it. i'm a money manager. the market is doing exactly what it should do when you print with the european central bank $250 billion a month to buy up assets. unfortunately booms turn into busts. we're on borrowed time. i will be ready when the time comes. charles: you know, shah, that is exactly what the bank of japan is doing, right? via etfs, at least 20, 25% of all the big stocks there, they own over half the debt. they have been getting away with it for almost two decades. you know, maybe, i hope gary doesn't put an idea in powell's head

reaction from gary kaltbaum. we were going to talk about other things, and we still are, my friend, but your thoughts on this. there had been talk that the pressure would be on to drop this moratorium. for the time being, that's not happening. >> the big problem, neil, there's always the other side of the trade. you have the people that own all these apartments and houses, and they are making absolutely no money, they're getting not a lot of relief, and it's affecting them. so while one is benefiting, the other is the opposite. it zeros itself out, and it goes back to how much government can dictate to what's going on in the business world and people's lives. and, again, there's always going to be repercussions to it. i'm not -- i know a lot of people that own just a few apartments, they rent 'em out, and their getting absolutely squat. and it's very tough for them to cover all the things they have to pay for. neil: you know, there are so many push and pulls on this, you know, opening up in the economy, gary. you

charles: i want to bring in president of kaltbaum capital management, gary kaltbaum.e saying the fall of afghanistan will be such a blow to the biden administration that it will harm his domestic agenda. maybe he won't get all the things he might have gotten a week ago. do you think that is the case? >> first off i don't know how i follow lara logan with some of the things she described. amazing. charles: it is tough. >> sobering. i like low taxes. i like efficient and effective government and less spending. so you know where i stand on what's coming out of this administration. their first proposal, 6.2 trillion would have guaranteed 2 trillion-dollar yearly deficits. this economy, so leveraged, so much debt already will not be able to stand it. i am hoping some smart people in d.c., i know there is, that is in short supply these days gets in front of, gets it to a more manageable level because they're just taunting the economy, markets with their deficits, my friend. charles: yeah. i think there is definitely some political capital has been lost over the weekend. how

kaltbaum capital management, gary kaltbaum, along with money map press, one of the superstars over thereshah gilani. gary, let me start with you. you're a huge growth guy. you started to nibble a little financials. would you let those ride considering it is a tough few weeks for them? or would you continue to add to them? >> financials have been fine. my favorite names, goldman, morgan stanley, wells fargo, bank of new york, normally pullbacks over the last week. i think they're going higher. i do believe rates are eventually going higher which will help them out. so i have no problem with them but look, the real story is growth and now you have the nasdaq, the nasdaq 100 breaking out to new highs and i suspect there is going to be some fireworks in the weeks ahead. i know there is a lot of talk that september has to be bad. i'm not so sure. because i'm a big believer when you get bigger indices moving out of range, it is usually meaningful. that is where i am right now. charles: i'm not big on the go away in may, summer doldrums, all that stuff. you miss big opportunities. gary, quick b

joining me kaltbaum capital management gary kaltbaum and money map press shah ga lawn nye and sylvialonski. >> i do it without major bias and avoid the things that are not working. half the market is still not working. the opening up trade that went bonkers to the upside november 9th last year off of the vaccine, most of that has topped out for now. not a big mayor market. i call on the bearish side, that would be energy for starters and the like. growth continues to win for me. the semiconductors look like they're breaking out of a range led by amd, go figure, out of nowhere. you have a few others starting to break out now like applied materials and if that continues that's good news. i will be parking some money there. but the other thing is i'm looking at the great reaction to earnings and you're seeing it in names like chipotle, restaurants, hca, the hospitals, so i'm always looking for what companies are killing it. today is square with gargantuan earnings and sales. so i really don't change based on the calendar. i don't even know what date today is. charles: okay. all right. y

fill h phil blancato and gary kaltbaum. phil, i have to start with you, a lot of mixed messages.hat about the notion that the economy has peaked and we could be struggling next year? if that is the indicates why would the fed start tapering? >> the fact of the matter i'm a bull in this camp. i thought we would be much higher in gdp i thought we would get a 8% gdp in the second quarter. we just did. when you print this move money. the consumer sitting on two trillion, the government pumped in another four trillion we are looking at massive amount of money to stimulus to the economy and liftoff. something went wrong. the consumer has not spent as aggressive. not nearly as they wanted. add to that there is still supply chain issues. there are products not making it to market. we're getting lackluster data. the job market and adp to your point doesn't look great. we're not getting the robust that we thought and maybe already hit the peak. that maybe is what is causing massive concern. i don't agree with it. but that is what can sus canning the market rye now. it will take longer to g

gary kaltbaum with me right now. gary, i was going to ask you, is this it?ll you, stuart, that the market is much worse than the major indices. there is a ton of stuff much farther down. it has been a big cap affair but there are things i'm watching here. nvidia reported. i want to see how it reacts. cisco systems reported. want to see how it reacts. there is still plenty of leadership out there but still few and far between. i am taking it on the slow side here. i do not believe the end of the world here is just yet. stuart: will we climb higher or will you see a correction fairly close with all the negatives we got going? >> if we go higher it will be the bilge caps. that is what is leading the bib caps and tech, big caps and financials and bib caps and economically sensitive. unfortunately a big part of the market is catching up. if the market decides to correct it will be worse than usual because how bad the internals are in the market but right now still looks okay. i like the fact we're stiffening up here a little bit in the morning but that is just so

does gary kaltbaum agree? ally changed, i think, on the surface, gary, but maybe the markets are getting preparedded for the possibility that the tapering starts sooner than they want, but the hike in rates, not so much. what do you think? >> neil, i'm on the record not in our lifetime are rates ever going to go up again. they are going to stay at 0%, they are not going to move off of them. the markets know that. and farce the tapering -- as far as the tapering, they have been threatening for months that if the economy got better, they would taper. they didn't. they said if unemployment came down, they would taper. they didn't. and if inflation went above their 2%, they would taper. they didn't. so i'm a big believer, and i write about them all the time, don't listen to a word they say. watch what they do, and markets absolutely love it. i think the s&p, which is at 450, it's going to be 5000 plus, more, i think the nasdaq is 15, towards 17, 18. and greed, you know, fills up the room when you get the fed and th

it reminds me of manager my friend gary caught -- something my friend gary kaltbaum always reminds melies to the other area. gary's with me right now. that's rather intriguing because it's held up this week, in other words -- and even to this day. why is that? what could we, should we take away from that, anything? >> i think it tells you a lot. you have stable and modern economies in a lot of the middle east. and leave no doubt, there are hot to spots and bad places. but if you go on google and put in pictures of some of these countries, it's -- they're metropolises. and, again, the world stable does come to mind. we don't hear of a lot of -- in a lot of these places, and i think that's what's doing the trick here. and when we also hear qatar is taking in these people, they're the answer to a problem, so i think some of that is playing into this. neil: you know, we're very close to the 20th anniversary of 9/11, and there's all this fear building that the taliban is going to want to do manager to spoil that. -- something to spoil that. there's just as convincing a financial argument t

kaltbaum capital management. money map press shah gilani. how much are you factor, the climbing virus? the rate of infections is going up. i don't know, gary, feels to me that the market is getting a little bit more anxious about it. certainly we feel today like airlines and cruise ships? >> the interesting thing not a lot has changed as the numbers have gone up. actually the financials look like they are starting to emerge as goldman sachs breaks out here, morgan stanley. look the market afforded me not to have to be in any of these areas that are affected most. airlines, cruise lines, casinos, travel related, all have been on the bearish side for quite a while. so i haven't even had to pay attention. the same goes for energy stocks. so maybe they forecasted this up front, i don't know. charles: right. >> all i can tell you it hasn't changed my playing field a bit. growth leaders are still leading. some have gone by the wayside because of earnings like amazon, bye-bye for right now. but for the most part, we have some really good reactions out of things like square and paycom. as long as i'm seeing things like that i'm feeling pretty good