he's brian belski, chief investment strategist at bmo capital market. good to have you with us. we applaud anybody who will stick their neck out the way you just have. what gives you the confidence to think that we're in a 20-year bull market? not to say we haven't had them before and particularly most recently in the bond market. >> well, thanks for having us, tyler. i would say, number one, this is not a new call for us. we've been talking about 20-year sick u lar bull for at least three years. number two, we originally turned bullish on the stock market back in november of 2008. i believe we were one of the very first strategists on wall street to put a double digit percentage return on the s&p 500. however, it took a lot of our wall street brethren to turn bullish over the last few years, now just seems in terms of the prior package, a lot of people are bullish, but i would warn people. not a lot of people are looking out longer term. i call it the over the shoulder stealth bull market. the greatest stealth bull market of my 25-year career. and i think what we've seen to dat

. >> bmo analysts start with an under perform on alpha natural. their target $2 a share, about 20% below the current price. >> on the flip side bmo capital markets consol energy with outperform. >> implies nearly 20% upside moving more into natural gas and into pipeline. all coal and power companies are not created equally according to bmo. >> argus upgrading tyco. >> about 10% to 12% upside. they like the valuation and moved global headquarters to ireland where pretty much everybody is named sullivan. >> imagine going there. hello mr. sullivan. >> my dream. spectacular. >> our under the radar name is ambarella. literally a company i have never heard of before. they make processors for video cameras like the go pro hero. pacific crest raising target and estimates as it looks like the go pro hero are doing well. target is $55, about 11% more upside. this is a go pro play is what we are trying to say. i didn't say is very well. go pro play. >>> let's talk numbers and talk turn arounds. lululemon shares down nearly 24% year to date. listen to what ou

>> some reaction to those comments from executive vice president and chief investment officer from bmo private bank. as i understand it you are bullish going into the end of the year and think we still have more traction. 2015 we are looking for more volatility. is that a correct read? >> our big market indicators we have five of them and two of them have turned negative. valuation i would say the last time the market was fairly value was probably the second quarter of 2013. but we recognize that valuation is not a timing tool. we have other measures. most notably the economy and liquidity and momentum. they moving in the right direction. the one other big market indicator that turned negative about a week or two ago is psychology. investors are overwhelmingly bullish. unfortunately, as we know bullish investors have high expectations. in a market that is a reflection of reality versus expectations, high expectations are not as good as low expectations. >> talk about the data which seems to be saying stay in the market right now. so if that is the case and you are expecting more volati

finally at bmo on the spending data, a little on the softer side of expectations.per encouraging start to q4. i agree with that. so we'll have to take what we have, a decent tuesday, and a not so great wednesday, into the holiday and come back next week when we get some critical data again on the economy, sara. >> i like the compare sop to the weather. thank for rung through that. >> sure. >> all the misses the dow only down 12 points. the s&p is positive. talk to tom lee, founder and head of research with fund strat global advisors. a noted bull on the equity market. tom, there is a smorgasbord of data, anything worry you in terms of all those headline misses? >> i don't. i think everybody who's following markets has to be careful not to get into bear traps. you know, if a data point disappoints, that the trend has changed. i mean, i think the narrative this year is the u.s. economy has shown a lot of resilience. it's going to benefit from lower oil. the weakness in europe and asia haven't really damaged the u.s. economy but now i thinks u.s. strength plus lower o

it pulled back more than i thought, but bmo just initiated. i think they put a $43 price target.ave a stock to buy this cheaper, but i think you can start layering the position here. obviously not earns under the middle of january, but i think it's stalled off enough. >> some of the name that get interesting have been the -- when you look at that areas, the move to the up side. to me it almost feels like people just trying to bottom fish a bit. maybe there had be consolidation. whatever it is, right now over the last month, the move to the up side has been impressive. some of the names definite -- >> such as? >> such as walter. >> are you in, walter? >> i'm not in any of the names right now, but certainly there's been activity out there as well. >>> stay tuned. we'll be right back. there's a difference when you trade with fidelity. one you won't find anywhere else. one-second trade execution. guaranteed. did you see it? in one second, he made a trade, we looked for the best price, and the trade went through. do the other guys guarantee that? didn't think so. open an account and f

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. >> bmo cuts walmart to underperform. >> they had a hold on it for the whole run. sorry, guys. you missed the big one. now you are going to try to get involved and make a statement? i reiterate, i thought walmart was good. i got a lot of blow back @jim cramer on twitter. most people wish i would go away. not anywhere where you could see me. there was negativity that i thought walmart might be getting better. i'm going to respond, go to some. actually visit, recognize that the smaller stores are good, but mainly what's happened, walmart has gotten the product people want. it's better. walmart is not as bad as it used to be, which is enough to move the stock. >> it's a town square. >> there's a lot of village idiots on twitter. >> a couple of valuations. stern cuts nike to neutral. average price target is $96.70. >> there are a lot of stocks. i saw this in the 90s when you didn't see it -- since the '90s. stocks gallop here. you look at 3m. analysts are going to fight it. they've never seen anything like it. analysts tend to be much younger. they never see it when you see nike go