and the second quarter's employment cost index. >> paul: my guest market monitor this week is frank cochrane, president of investment timing consultants, a financial advisory firm based in bloomfield hills, michigan. frank, welcome back to "nightly business report." >> great to be here, paul, thank you. >> paul: is the stock market's sharp run-off justified by recent signs of economic recovery, the green shutes as they call them? >> short-term, paul, i would say "no" i'm somewhat negative for the outlook for the next few weeks or so the market is discounting much stronger earnings. the earnings that came out were so low, i think a snail could have jumped over them, the bar in that sense. the credit will come back. the consumers will start spending. i really don't see that out there. i think basically the market came out there year around 9,000. that's why we are right now. >> paul: are you telling your clients to ride the rally, nonetheless, or take profits? >> well, i think we have to do -- what we have to do in this environment is you have to trade. that's something i've said for the last

. >> susie: here a look at what's happening next week our fridayarket monitor guest is frank cochrane, preside of instment timing consultants. on the economic calendar: wednday, the weekly report on crude oil d gasoline inventories. thursdayexisting home sales for june and weekljobless clms. frid, a final look at july conser sentiment. also next week, quarterly results from 3-m, apple,.t&t, boeing, caterpilla coca-cola, delta rlines, ford motor, merck, microsoft and u.p.s. >> paul: my guest marketonitor thiseek is gary motyl, chief investment officer of e templeton global equitgroup. gary, welcome back to the n.r. >> pleasure to be herepaul, thank you. >> paul: now, you take a vae-oriented approach to globalnvesting. what'sour current opinion on the world markets? >> we think the world markets aretill undvalued and do offer good potential over the next one to three to five years. >> paul: a bull? >> a bull butot an outreous bull >> paul: oh, ok. are the economitimulus programs worng here and abroad? >> in the united stas, stulus programs haven't kicked in yet. we'r seeg more evidence

our fray market monitor guest is frank cochrane, predent of investment timing consultant on the economic calendar dnesday, the weekly report o crude l and gasoline inventors. thuray, existing home sales for june and wkly jobless claims. iday, a final look at july nsumer sentiment. also next week, quartey results from 3-m, ape, a.t&t, boeing, caterplar, coca-cola, dea airlines, ford motor, merck, microsoft and u.p. >> paul: my guest maet monitor is week is gary motyl, chief investment officerf the templeton global equity oup. ry, welcome back to the n.b. >> pleasure to be here, ul, thank you. >> paul: now, you take a valuoriented approach to global iesting. what's yr current opinion on the worldarkets? >> we think the world markets are sll underlued and do fer good potential over the xt one to three to five years. paul: a bull? >> a bull but n an outragus bull. >> paul: oh, ok. are the economic smulus programs worki here and abroad? >> in the united state stimus programs haven't kicked in yet. we'reeeing more evidence inteationally that some of the programs are havg an effect, particularl

erika miller, "nightly busins report," new yk >> paul: tomorro our friday market mitor guest is frank cochrane, present of investment timing nsultants. >> suzannefederal agents have broken up a huge money laundering and crime rin arreing dozens of new jersey politicians and religious leaders. among the accused: t mayors of hoboken, seccus, and ridgield. the fe say the bust ends a ten year probe of briberand influence peddng. that had bece ingrained in the state's politicaculture. >> paul: management shakeup at general motors. leavinthe firm are its g.m. north amican president and global manufacturing hea a new boaris also in the works withome directors named by g.m.'s largest shareholds. the u.s. and canadia governments. the moves are part of a larg plan to make g.m. pritable ain, as a smaller, more efficient automaker. >> sanne: an independent federal reserve versus a ctral bank that is more tranarent. tonight's "twoays to play" has two takes on t issue. here's kev depew of "minyanville" d "minyanvil's" kevin depew. >> federal resve chairman ben bernanke was on catol hill earliethis week, mai