let's bring in ed yardeni, and president of the yardeni research welcome back happy new year. >> thank you, scott. >> i hope you heard the gundlach sound talking about valuations to be, in his word, record breakingly high. are you concerned, too because you've been really bullish. >> well, i'm concerned about valuations, certainly. they're not cheap and as gundlach pointed out by any historic historic historical precedent they're stretched and we had record low bond yields by way in the corporate bond market and in the mortgage rates are at record lows and over in europe government yields are at record lows and the outliar here as you pointed out is the ten-year government bond-year-old has moved up to 0.5%, last august and 1% now and maybe 1.2% shortly, and that's got everybody spooked out and it's a sign of confidence in the economy and it looks like real gdp is where it started by the first quarter of next year which is extraordinary so the index picture is looking pretty good i'm using 4300 for the s&p 500 by the end of this year and 4800 by the end of next year. i would become a l

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i want to bring in ed yardeni. i think of ed yardeni of a super bull. end of this year, 2021. however i believe mr. i can't remember kenny is a -- yardeni is worried about a nasty sell-off in the middle of year? he is nodding. explain it to us, ed. >> stuart, i feel like a trampled super bull. every time i set a price target to the upside i get trampled over and market just runs right over me. so even the bulls have been surprised, even shocked by the advance of this melt-up which is really increasingly what it looks like. very similar and reminiscent of 1999. stuart: so a melt-up implies at some point a very nasty setback and that's what you're predicting? >> yeah. i think, you know, sometimes life has symmetries melt-ups are usually falled by meltdowns. that is my concerned. i would like a leisurely civilized rally in the bull market that allows earnings to validate it. as you know since march defend third when the fed came in with what i call qe forever. this mark get has been pe led, valuation led. as a result there is a lot of air between stock pri

ed yardeni is with us. with us almost every week for the past year. he has been right. he always looks for the market to keep going higher and he has been right but this morn being i want to talk to but the economy. we got the gdp numbers for 2020. terrible performance, the worst in many, many years obviously because of the pandemic. you raised your forecast for 2021. you raised it big time. are you looking for a stellar economy this year? >> absolutely. i think we'll certainly get another round of stimulus. the first round of stimulus last year certainly gave us a v-shaped recovery. over all the year was terrible but when you actually look at the pattern, we had this extraordinary recovery in the second half of the year and do you know that real gdp is only down 2.5% on a year-over-year basis and a year ago was at all-time record high. that is just extraordinary. most economists were expecting that we wouldn't get back to the previous record high until maybe the end of 2022 and here we are at the beginning

ed yardeni, thank you. your appearance on this program is always appreciated. thank you.is will be the first full day of trading for the first full day of the biden administration. a very strong start yesterday. the president it was sworn around 12 noon. four hours of trading after the mat-- after that market with straight up, especially big tech. futures, left-hand side of the screen took that's the way we expect to open the market this morning this thursday morning. how we will close is anyone's guess. i have no idea. depends on the news of the day, but the bellies reading and entry seconds will the often running. first full day of the biden administration and we have open on the upside. not a huge rally for the dow jones. of about .10%, but look at 31222. i think that may be an intraday record. i'm not sure, but stocks are up at the opening bell. how about the s&p? we are up six points, .12% gain, 3856 on the s&p. show me the nasdaq, all-time high and believed, yes, up nearly a half a percentage point, 13500, a new high. show me big tech. here's how they have opened th