tonyatrick joins us and dwyer a canaccord ingenuity -- canaccord genuity is with us.es slogans. how does this president apply trump foreign policy to what we see in venezuela? stewart: there are a couple things going on here. although he tends to be insular and isolationist, he does believe in restoring the notion of the monroe doctrine in our hemisphere. some of the language that the administration has used has been about democracy and human rights. as we have seen elsewhere, this is a selective approach, but , partly under the influence of marco rubio in the senate. he has taken a hard line. he has a hardliner as his national security advisor and now he has a hardliner with elliott abrams who has been appointed special envoy to the region. tom: you mentioned the monroe doctrine. russia and china with investment in venezuela. does that make them part of the monroe doctrine and will that be attention point -- will that be a tension point? stewart: i think it will be. the russians are much more forward leaning in morning that the united states should not get oup.lved i

good to see you, tony dwyer, canaccord. >> thanks. >> do you believe where what tony is saying >> i do. i'm not sure where trade fits into it. i don't know if the charts allow for that or if -- to me it's the biggest question. >> in order to see the markets have a gain, we need to see the trade issue resolved in some way? >> yes, yes. >> what was different about the market to me from october than the market that had a lot of volatility from february through october was that credit fell apart in october we saw high-yield fall apart dramatically and what we've seen over the last couple days is really the kind of a rally you've seen in credit but especially high yield that tells you things are different than the market priced it i would argue we had serious dynamics, there was serious liquidity. energy and retail is still open for question but the recovery in credit is the healthiest part of the market recovery. >> hard to be a strategist these days in this kind of market. >> uh-huh. that's why i'm not -- that's why it's hard for me to spell strategist which is why i don't have it on my b

let's bring in charlie o'shea, lead retail analyst at moody's and brian reynolds at canaccord gentlemty. >> it will be three years in april. ish we a ish -- ishe issuers it's a shift way from the public market, even though the overall credit market is growing rapidly. >> these are for pension funds and they tend to hold them to maturity not like the tpanic when oil prices collapsed and these stay on their books >> that way the companies don't have the market out there. look at how your bonds are dropping you look at the retail sector where people look at this as the gauge of the health of these companies. >> exactly one of the things we look at with retamers is, you know, we're fundamentally driven and not short-term driven and the bond market has short-term components to it, especially from a market to market pricing perspective and one of the scary things for us is we've got a company that's got fundamentally pretty sound and for some reason, the bonds die and then we take another hard look at it and say, wait a second, are these still sound? is view of the company remains the same