joining me is bryce dodi, the senior portfolio manager and hue johnson from hugh johnson advisers i havehose name is hugh, so i'm biased that way, but let me start with you. you said to our producers you thought stocks, despite the record high we saw at the end of the week last week were still undervalued. how is that possible given delta and given the fed tapering on the horizon? how is it that you look at that and you say it's still undervalued. >> if you're talking about delta, there's certainly risks in the market. what we've seen this year is pretty straightforward every step of the way we've had a rise in stock prices you become a little concerned about valuation. the next thing you see along with the rise in stock prices is an increase in the consensus estimate for what earnings are going to be for this year as well as next year. so what you have this year is upward revisions to earnings this is very much, eamon, very much of an earnings driven market every time you get a move-up in stock prices you get a move-up in the consensus expectation for learnings. they're going in lock st

to our floor show traders, hugh johnson on the phone and scott fullman. hugh, we got you on the phone because you are one of the few people with decades and decades, i believe four decades of experience, dealing with all kinds of market moves. i know i'm calling you out, and black swans, et cetera. >> uh-huh. liz: you've got to talk to us about this because look clearly u.s. indices are holding firmly in the green but every time china fillets a sector lately we're starting to see contagion and corresponding u.s. names so give me a sense of a, have you ever seen anything like this before, and b, what is an investor do? >> well, of course, i've seen something like this before, we seen crisis before and the most important thing for investors to keep in mind is when you get a crisis even if it's small such as 1998 when we had the long term capital problems and the problems started very small in thailand, this case we're not talking about small, but they can get transmitted they can get transmitted around the world and get transmitted for all sorts of reasons b