wonderful just said and the reasons that jeremy siegel cited why he thinks we are in the third inning of this boom that you've got between now and at minimum the end of the year to think that stocks are going to go up before you have to worry is he right? >> well, i'm not so sure that i believe before you have to worry, but i certainly think that the overall theme right now, scott, when you really look at things is, look, we continue to throw trillions of dollars, as kevin says, free money continues to flow. as that flow is happening, we are also seeing the vaccines as they're rolling out and the acceleration of that and the reopen and all of that that goes into what we are seeing in the markets right now. i think that very healthy rotation from sector to sector to sector, and even the daily sort of rotation that we are seeing, one day it seems like it is the nasdaq that will lead us, the next day it is the dow, the next day we are seeing more from the s&p. it has just been a combination of a lot of very positive things i don't know that that can go on forever, but certainly saying it

andrew, do you agree with jeremy siegel that this is the most dovish fed chair of our memory sound to me that way you know, not only that, you see the vix, the volatility index, it's back down to where it was prepandemic kmwhich is actually dangerous because it means that people are very, very optimistic tyler, you have been in this business a long time you know when people say i expect volatility in the future. that's because we had volatility in the past, recently. now peep don't expect much volatility and the vix is very low. that and the fed being so dovish is a little bit of a warning sign as euphoria is building i agree. >> quincy, let me pick up on that point that andrew just made not only do you have the vix coming back to rather tepid levels but you also have the aaii index or reading at the highest level of bullishness in several years, three years or thereabouts, the dins, the gap between fwuls and bears is very wide is this something to worry about? typically when that's happened it augers something not so good. >> well, you know -- credit spreads are nice and tight credit

out, some people are trying to spin the "60 minutes" as being hawkish which is no what i heard jeremy siegel said to us the other day the conversation he had with sara eisen, which i have referenced every single day since she had it, was he had never heard a fed chair more dovish than jay powell was on that panel that sara moderated so are we trying to figure out again where the fed chairman currently stands, what it means for stocks >> i think it is just trying to get too cute, scott, honestly. as a long-term investor, if we get the pull back, nobody knows what the reason of the pull back would be it could be geopolitical at this point. it could be oil goes to $90. i think fundamentally in the short term you could get something like that, but longer time i am bullish. if tony dwyer is right, you get more money to put it to work if not, you will have -- >> what i'm trying to think is do you have a pullback or not. you have to put money in the market are you buying or waiting for a pullback what are you doing >> i'm buying stocks i put fresh money to work today as well, you know, in the last

at spoke point the fed is going to take its foot off the gas jeremy siegel said exactly that, too. but until they do that, he's not worried. i'm not saying his view is going to be right, but i'm just suggesting until the fed actually signals it is doing anything, because it is quite the opposite, it is fully 180 at this point, right? powell hasn't said anything to make you think he is thinking about thinking about thinking about doing anything, and he said as much in exact words or whatever. >> he doesn't have to. no, doesn't have to. the market will -- the market is smart enough and efficient enough to understand the moment that chairman powell will have to communicate that. >> right and if we were there rates would be -- >> the market will tell you that way in advance. >> and it is not telling you that right now because the ten-year is at 164 so the market is good with where we are so michael farr, and we are going to get to coinbase in a second with lesley picker who knows the story better than anyone else. we will get to her in a second cyclical versus growth, that's what the c

if we let up flation run hot, so be t that's why you are jeremy siegel it is wharton school saying we're only in the third inning of the boom, and you have nothing to wet weather about under the fed does make that signal this becomes a bet is the fed doing it earlier than expected or not. >> there's a lot to unpack there. first, i would say you're right on the 65% allocation, it is the best assets we have from an allocation point of view however there's a way to -- where you build a lot of convexity into the system. while you can run -- you can put on a whole lot more protection in terms of convexity. by the way, i think the market is still going higher. however, you know, changing the mix of it and creating more convexity in the portfolio i think is important i would looks to see the fed change the communication you can -- i actually think the fed should still by accommodative. however, you look at the front end of the yield curve and where so much liquidity is put in the system, there's not in which assets to purchase in the front end. i do think -- the thing that would really hurt the

or more precisely maybe not do how do you interpret where the fed is right now and certainly, jeremy siegel in the last hour or so he said he interprets the fed as the dovish fed chairman he's ever seen. >> i think that's pretty valid i have to think that if his predecessor now treasury secretary yellen were in the same position and given some of her comments made now as treasury secretary i think we would have a dovish fed regardless of who was at the helm, a function of the change to the mandate, the inflation mandate, an average, saying they're willing to let it run hot but also interestingly and less focused on is the more subtle adjustment made to the employment side of the mandate and powell is vocal about in talking about it is not just a decline in the unemployment rate to be looking for before tightening policy but breadth and equality and want to see that a pickup in the labor market and lessening slack in the labor market is broad in terms of industries and income levels and not just the unemployment rate that's a factor and changing to both mandates are key to think about how th

i'm scott wapner front and center this hour, the third inning that's where famed market watcher jeremy siegeln stocks is. it is a big call we will debate if he is right and what it means if he is joining me for the hour, shannon shikoski, jim lebenthal along with pete najarian and kevin

scenario, and i go back to a conversation we had with the professor down at the wharton school, jeremy siegel. the name was getting away from me right, who basically said it is a goldilocks environment until the fed does anything, and the fed is not doing anything any time soon. >> right so what has happened since, you know, over the last couple of weeks? we saw ppi, which was really explosive and the fed didn't flinch powell came out afterwards, i think it was in testimony, and said, "we're not raising rates." we saw the numbers that came out yesterday, phenomenal numbers showing great economic strength, and we had that interview today with steve and governor waller saying, "we're not raising rates. so they're not blinking when they're seeing this economic activity, and they're not going to be surprised when they see an 8% gdp number. so that's what has changed that's what has made the market believers, but here is the caution. the caution is if we see a number of these ppi numbers and cpi numbers and didn't really translate cpi this week, it didn't really translate into incredibly strong re