joining from us anthony chan, chief economist at jpmorgan.ny, can stocks build on two weeks of gains, they were fragile gains but gains on the back of stable oil prices. do you expect it to continue? >> i think we can see the equity market making some progress but let's not get the too enthusiastic about this, because we still have challenges ahead of us. global economic growth is soft. probability of recession in the united states is somewhere around 75%. that's another way of saying 75% chance that we don't get into a recession and things will be just fine. but there are some challenges out there. >> when we look at the positives of the economy, is the consumer really starting to deliver now? or is it still struggling? i mean, when you consider where oil price, it's one of the question marks that the consumer hasn't really been perform to get full extent that it could be? >> i think when you look at the personal income and personal spending numbers, they tell you that the consumers are trying to come back. when we see friday's employment re

more details about what's going on with the economy from anthony chan, chief economist at jpmorgan chase and he spoke with us earlier on "quest means business". >> over the last four months you've seen over a million people joining the labor force. we are starting to see really strong creation. if you are going to see something disappointing in this report is that wages are still not in the 3% to 4% phase that fed chair yellen wants. but it is picking up. by and large, this is a report that shows pretty good strength. maybe not as much as the market wanted but pretty good. one thing making the market nervous, they wanted a number strong enough to dispel fears of of a recession but not so strong as to suggest the federal reserve will go out there and raise rates as progressively as they projected. >> how psych logically important is it the fact that the unemployment rate is down below the 5% mark? >> i think it's important to see that. the most important part is it's not occurring because the labor participation rate is declining. it's increased in the last two consecutive months. the sur

joining us right now, chris from riverfront investor and anthony chan at post nine. you have been putting money to work in last few weeks. do you feel like we've seen a bottom for the short term? >> i think it's very possible. we came into 2016 with elevated cash and in the first part of january we raised even more cash but looking to employ that open tunistically and picking our spots when the market hit 1840, that was an important signal and eurozone and japanese equities and -- >> eurozone and japan, that really had kind of the apple cart fall over in the last couple of weeks. why are you confident in that one? >> to be really clear. one of the places and specific spots in japan is in japanese real estate. if you think about the impact of negative rates, we think that's a good thing. mortgage rates in japan are incredibly low, cost of capital for the construction companies really low. there's a secular growth story in tokyo real estate. >> anthony, when you were here last week it was drama, markets maybe not last week but week before, there was a lot of angst in t

anthony chan from chase is with us here at post nine and so is steve grasso from stewart frankel. a lot of traders are getting caught up after my vacation. i can see this weariness in all of your eyes. every single trader i talked to today throwing up your hands, there's a lot of pain being felt in this market right now, isn't there? >> there's been a lot of guys that felt negative on the marketplace, if you're early you're wrong. when you see the market start to fall people scratch their head and say what do i do now? unfortunately we're hitting key levels here and we haven't hit any support yet. it's 1812 is the level you should look at, s&p cash and we're 1835 right now. i don't know if you can step in and say there's a bottom when china every day there's another negative headline or oil has not formed a substantive bottom. we do crack that 2655 mark. then it gets to be a teenager again. you and i had this conversation offcamera, 1994 is the 2001 level in oil in crude. i do think that we test that 2655 and then who knows what happens because supply cuts aren't really effective

and anthony chan is chief investor at chase. gentlemen, welcome.you look at the markets there seems to be two things to boost prices. one has been oil prices going up. the second has been the intervention from central banks around the globe. every time we hear this, the market thinks it's great. we're not going to see higher rates from the fed. is that what it takes? are you watching earnings? >> it's a pabulum of the market. the earnings are down 5% year to year. and looks liked guidance is going to be weak for 2016. i think where we are, it's an interesting place where there's great dependency. interesting things there from weather and the like. i think a lot of the focus there on policy. back your point is important. it's become one of those markets where dependency on stimulus is what's driving things higher than fund mamentafundamentals. earnings are weak. >> on friday there was a concerning number. economists will looking at that new orders x defense. it was a big dropoff. there's not a great explanation for it but that is capital expenditure