heather hughes. frank bradock. ben pace, what are you hearing from clients at this point in terms of your private wealth management business? where did they see this market going? are they putting money to work or on the side lines, largely? >> i think when you see the markets run like they have, you feel like you have to participate. like 0% cash. little bit adventure in bond markets over the past month with a hundred basis point increase in ten-years. so there's this sense of we have to get into the equities markets but we are expressing caution at these levels particularly in the yield oriented names. we would rather get into more growth oriented names. but we do think this is a valuation expansion led market. that we will continue to go up. it may take breathers from time to time. but clients want to get back in and we are trying to do that as judiciously as possible. >> where do you want to be exposed? if you want it put a client's money to work, where did you put it? >> u.s. equities, large and small. into th

to break it all down, heather hughes. steve sacks, good to see you both.me kick it off with you. bernanke had something to do with it last night with the bullish tone but what is your take on earnings as we enter reports tomorrow with j.p. morgan among other banks? >> there are reports. and earning season is not all different from the first quarter. it is about top line revenue growth. we have had a lot of reservation. a friend of mine said, it is like a bad movie. everything will work out well in the end but i think we will focus on top line earnings growth rather than bottom line. >> by the way, looking to the upside, not by a lot but 85% of it was to the buy side. >> yeah, half a billion dollars also. >> exactly. heather, you still like this market. even at lot offy levefty levels it. you are going after teddy bears stocks. >> well, you can call it pillow stocks or blanky. >> comfort. >> yes, comfort so you can sleep at night. the buy mentality advisers i work with are telling me still you want to look to the growers, not necessary lit yielders. so you

>> joining us tonight, heather hughes, kenny picari and stan stova stovall. someone asked me, why is the market at an all-time high right now. what is your answer to that question? >> it's sort of as the fed turns. you dumped them, let it go. what i mean, the market tapered and now, as we heard, he brought back highly accommodate tif. it's almost, why would we withdraw? we know that we'll have to withdraw or wind down the $3.4 trillion balance sheet. so the first step will be tapering. why not let markets go ahead and price that in? >> so far, they have basically gone from upset over the federal reserve beginning the wind down to -- >> euphoria. >> -- not believing it that fed is going to wind back in september. my question for you, sam, is about earnings. here we are on the doorstep of real busyness in terms of the second-quarter reports. what are you expecting in terms of second-quarter profits? >> s&p capital consensus looking for a 3% year over year increase in the second quarter. certainly not as good as i think a lot of investors would hope. but typical

heather. >>> coming up on "fox & friends" at 7:20, michael tamara will sit down with the wolverine himself, hughr why we didn't get that gig. >> i wouldn't mind it. >> 54 minutes past the hour and we want to tell but this special delivery. fedex workers caught on camera, not exactly handling your packages with care, and the last chance to pick your favorite viral video-of-the-week. the divers almost swallowed up by the whale, call me maybe wedding party flash dance or the laughing dolphin. we'll have your pick neck. >>> two minutes till the top of the hour, and before you leave the house today, here's what's happening. charges have been filed in what prosecutors are calling the largest personal data breach ever. they say more than 160 million credit card numbers were stolen in the scheme. >>> attorney general eric holder is taking aim at texas. he is challenging new voting maps there despite a recent supreme court ruling that found states did not need federal approval to make changes. >>> and "consumer reports" votes the chevy impala the best sedan. the magazine choosing this car over more expen