let's take a broader look at the markets with cameron dawson. talk to me about t.j. maxx. thought it was interesting. what does it signal, both about the actual company but also the consumer at this right? cameron: we love the low bar. it is not anything to say the consumer is falling off a cliff. even on the other retailer earnings that we got over the course of this earnings season have set the consumer is shifting demand, maybe being more selective in where they spend their money, pushing back on price increases, but this is not one where consumers are having to tighten their belt in a way that would be flashing red alarm signals. they are being picky here but they are still able and willing to spend. real income growth is still positive. there is still room for consumers to spend. katie: i think i have asked this to every single guest over the past week or so. when it comes to these retailers, how much pricing power is left? who still has pricing power in this economy? cameron: such a good point. pricing power was the key driver of revenue upside over the last three yea

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. >> well, all right, let's bring in cameron dawson now of new edge wealth. alex kantrowitz of big technology. alex,, course cnbc contributor, great to have you both. cameron, i turn to you first. just say thomas bullish is an understatement, but he spent right. will he still be? >> i think that tom's point about they're still being room for people to get drawn into this market is a really good one. what we find in history is valuations don't matter in the short term. they matter to, five years out, and what could lift valuations even higher, even on the s&p 500 index level now, at 20.4 times forward, is expensive from a market cap waiting, but because there's still room for allocations to move from about 67% of stocks, back up to 71%, which was the peak we got in 2019 and 2021, that would suggest there still room for people to get drawn in. >> 52 hundreds, who suggested, could be even conservative. when somebody says that, what's your reaction? >> i think you have to make the assumption if over 5200, that not only the fed is your very much friends, which woul

if the bulls, in fact, all right and another one is upon us, let's ask cameron dawson, chief financial officer -- good to see you again. can we have another like higher? what is your assessment? we i said on halftime today we got through the gauntlet of nvidia. after everything else, we are on the other side of that. things look pretty good. >> i think it is respect the momentum, respect to the trend. momentum is certainly to the upside. trend is certainly to the upside. that doesn't mean that we should be complacent and blindly chase everything. i think we are encouraged by the momentum. we also want to remain very vigilant about things like positioning and sentiment in valuations, which are stretched. the things about those three items as they are not good timing tools. they can persist. which just means the momentum gives you the lift, in the near term, and over the median term, watch those three things. >> it is so tricky at some points. if you look at everything and you say, wow, the stocks continue to go up almost unabated. nvidia, if i own the structure later in the stock to tak

cameron dawson writing tech anticipating to lose momentum each digestion pulling back to trend and thencameron, a great to catch up with you. just how important is this release later. >> it is important in the context of sentiment because we know it has enlivened a great deal of bullish sentiment. they have been extraordinary. every other sector has been flat to outflows whereas tech has gone through the roof. it's also very expensive so it means is a high mark for up surprises. tech is still an uptrend so we've had these selloffs which pullback to trend and then keep marching higher. does this actually lead to a more prolonged periods of digestion where the uptrend might be challenged. jonathan: 99% of the enthusiasm on stocks. does it say sentiment that much for you. >> we would hope not but we hope it is the encapsulation of so many hopes and dreams in the market if we think about it as the effective, it's all about productivity and how much we are banking on the idea you can see margins moving up so much, a cyclical upswing. so much is being distilled into this one name so clearly i