i'm joined by our very own charlie gasparino, jack hough of baron's and liz macdonald of fox biz. what do you think of the markets here? >> small caps are doing well because t of overseas exposure, not as much as large companies. people are worried about the strong dollar and their ability to export. they don't export. that is why russell is doing well. i think rally is short-lived. we don't have any short sort of correction or supply until later this year. melissa: emac is the rally all about the fed? >> depends on the stocks. look at certain stocks. they have already previewed a strength in the dollar. hp, caterpillar microsoft hitting earnings. a lot of chip guys and other companies moved their operations overseas. so, you know, they have, should know that the dollar has been strengthening. i think it is already factored in. >> by the way one point multinational companies have more upside earnings surprises about domestics although hurt by the dollar not as much as analysts think. >> i look at 30,000-foot view of the market. i think it is all about the fed. when you have janet

jack hough of "barron's," tony sayeg, political strategist and fox news contributor.harlie, what do you think of the big selloff. >> i think, what was that all about? >> celebrating the selloff. melissa: strong. >> did you predict this selloff? >> no, no, i did not. >> that is what i do take a victory lap. >> you any given day you can't tell. >> what do you mean by that? >> pour over the next five years. stock market is little pricey. melissa: you think it is downhill from here? >> i think returns will be below average. pointless to predict a crash. i don't see anything like that coming but i think returns will be below double-digit returns. >> whoever how long? >> five years. >> listen i think that might be true over five years. if you're investing over the next year or so you have to like the interest rate environment for this reason and this reason only. if they raise rates i'm not saying we won't have some indigestion shun here and there rates will be at historic levels, almost no inflation. hard to get return out of a bond. what do you do? you buy apple. hate to

here to discuss all that charlie gasparino jack hough, "barron's" senior editor and todd starnes, foxews radio. what do you think the fed will say? >> i don't -- melissa: take the word patient out? >> maybe. look, i think people have doubts about, i think the fed will be careful not to break anything important here. if we do raise rate, it will be cautious, slow. a minor impact. i think a lot of it is priced in already. why are we seeing this priced in, charlie? >> a lot of people in the market come to the conclusion the fed will not raise rates. if you talk to a lot of traders they look at it doug kass put out a pretty amazing commentary about this over the weekend. the real economy is not really doing that well -- melissa: that's right. >> very low inflation. melissa: gdp going back to 2.2. now maybe two. >> market up 1 1/2% down 1 1/2%. that is not changing fundamentals. fundamentals are not driving this. >> the real question for the fed do they need to raise rates right now? is there asset bubble? there is no inflation. melissa: feels like equity bubble. >> do you really want to t

with me charlie gasparino jack hough of "barron's," dan hen men gear of "wall street journal." what do you make of markets today? >> the nasdaq, it is interesting, it was thinly traded. there is a little bit of action in deals. not as though they're going nuts over there at nasdaq. melissa: we're back after 15 years, come on! that is the best you can do dan? i'm moving past you. jack, what do you think? >> nowhere near the inflation adjusted peak first of all. second of all, you look at companies that dominate the nasdaq you have got your apple and intel and microsoft, nothing really stands out to me as shockingly expensive but a couple -- melissa: do you need to take the call, charlie? is that important? is it okay if you do television and ignore that. >> it is veronica vain. melissa: we'll get to veronica vain in a moment. >> i wrote a whole book about the nasdaq crash way back in my early days at "the wall street journal." that was the, the bubble of the nasdaq was fueled by you know, pets.com, same valuations of companies that didn't make any money. melissa: but now? >> i f