bob greifeld will joipn us to break it all down. >>> the s&p 500 hits an all-time high closing out the year with a 14% gain the next guest says, just wait, it's about to get even better. really s&p closes at 7% rally this year tom, great to have you with us >> great to be here. >> you're want worried about slowing growth compared to earlier this year, an economy that reopened the first half of the year and an economy that will sort of normalize the back half of the year with a threat of tapering in some form >> i think that -- you know, i don't think recovery is a straight line up, but from what we can tell looking at both earnings revisions and conference calls and really talking to clients and businesses, i think there is still quite a lot of pent-up demand, i think both on the consumer side -- right there is the revenge spending -- and then with both wealth effect and rising stock prices, strong credit markets, i think there is a dorpt capex -- corporate capex coming i think there is a surprise in the second half. >> energy was a leader in the first half do you think that's a winnin