squawk master, jeremy seigel, a finance master at the warton school of pennsylvania.hat's happening here and whether you remain bullish. i should tell you we have mark locata on the set. are you in defense, defense, defense? >> that's right. defense whens championships. >> but he's not back in a cave somewhere. >> jeremy could be on offense, let's see, are you on offense or defense right now? >> i'm still on offense. we knew it was going to happen. we knew qe was not going to go on forever. although, i know joe thought it was going to go on forever. there was no way to cushion the announcement, how many, it's been seven, eight years, before there has been any tightening moves by the federal reserves. yeah, the reaction was strong. i'm hoping the spike in the ten year, yesterday, if we can hold that for the high the next month, i'm very optimistic. we had robert fisher. saying we're not going to raise the fed rate until 2015. we had the people bank of coin s bank of china, saying there has been no bad earnings news, it is a re-adjustment to thinking about qe finally go

jeremy seigel professor of finance at the wharton school at the university of pennsylvania.y strategy at barclays. guys, okay. we've been watching all these guys come in. i know you've been listening to the conversation that andrew and steve and michelle were having about bernanke and the things that have been happening. you guys are both very optimistic over the long term for the markets. barry, as you laid out earlier for us you're a little more concerned with the near term because you think at this point for people who weren't listening at the very top of the show, you think at this point we are moving up all those expectations. it's not fwoing to be when the first rate hike comes or when the expectation of the first hike comes. it's going to be when we're expecting that they will eventually starl lly start to t market has its reaction. >> absolutely. when you go back and look at the prior normalization cycles, '83, '94 and '04 they had their own characteristic. you got a very similar reaction in the equity market irrespective of how things started with the fed or the mag