back with romeo and bruce mccain here. let me ask you both a simple question, your gut feeling at the end of 2009, do you think this market is higher or lower than where it is right here? >> i would say higher. >> why? >> because i really think that the economy will start to really pick up and i think as we start too look into 2010, i think we'll be into recovery. i think as a result of that, people want to own stocks. >> bruce? >> we think it will be higher, as well. ours is more shorter term outlook. we expect the economy to gain some traction here that will help in a variety of fashions but also there are a lot of people we think who still are not fully invested in the market. that will help to propel prices higher, as well. >> certainly there is cash on the sidelines, isn't there? >> definitely. >> what group, second question here, what groups if we talking at a market that's going to be higher at end of the year, what groups do i need to own to participate in that leadership move? >> to me? >> bruce. >> i think -- >>

break down all the wall street action with tony dwyer, strategist with ftn capital markets and bruce mccain is chief investment strategist with key private bank. gentlemen, good to have you on the program. >> hi, maria. >> tony, how do you see the second half of the year playing out? >> two ways. i think we're going to pull back here some more below 850 on the s&p, and i think that will prove to be a replay of the '02-03 market bottom where credit continually improves as equity market weakens. remember the returns on fixed income are still hifrktdly pretty attractive. what you're getting is some of the larger pension funds and institutional client base, they're coming out of equities and government into the corporate fixed income because returns are so attractive. >> bruce, do you agree with that? how do you see the second half? >> we think that the recovery this time is going to be somewhat slower growth than we've seen in past cycles, but we still see signs of improvement. and i think particularly with the early tendency for the markets -- for the economy to snap back in a bungee fashion

joining us today is bruce mccain, anthony chan, and gentlemen, thanks for joining us today. uce, why don't we start by talking about this rally that we've seen. the last dey day of july, it's going to be a very, very strong month, some of the best on record, it looks like. do you think this can hang on? >> certainly we've come a long way. and the tendency, too, is for people to be skeptical about recovery and skeptical that the rally can continue. we still think there's quite a bit of cash on the sidelines from people who may be in bonds or in other sorts of investments it ultimately will come back to equities and drive this rally further. >> so you think the best way right now would she the equity market? >> we do. and that's where we're focused heavily. >> how much of your portfolio is based in equities at the moment? >> we've pretty much maximum allocated to equities and minimally allocated to bonds at this point. >> and do you like what you've been hearing from these companies in terms of the guidance that they're offering, in terms of what they're saying about the broade