jon: let's bring in jess minton who has more on the ups and downs of 2023. are you hearing similar commentary from other players about the year ahead? jess: when i have been talking with my sources, they are talking about a tale of two different halves. markets and the economy could potentially recover in the second half but i have talked to a few contrarians, like sam stovall, and he was thinking if you have this cohort where everyone is thinking the same thing, what could market, technicians or even other money managers might be getting wrong? say, for instance, if things do not go well and the economy suffers more of a contraction or things come in better than expected. how is that going to affect money managers? i thought that was interesting commentary. but looking at today, the s&p 500 above 3900. but still, the s&p 500 is below the downward sloping 200 day moving average and below that downward trend that started last january. even though we are at tricky technical indicators right now there is a lot more room to go, even though the s&p 500 is above 3

let's bring into the conversation just minton -- jess minton. is it still a macro market or is the bottom up approach the best way to assess the future direction? jess: it seems as if investors are moving toward with their earnings are saying, as well as outlooks. last year, most things were driven on the macro sense and data, but when you look at the last few cpi reports, the market may have initially dropped higher pre-market but i the time the market closed, you see the same type of gyrations you would have seen most of last year. we see that with some of the other economic data and a lot of this can be more backward looking. we have the initial take of fourth-quarter gdp on thursday but some people are looking ahead to tuesday's report for the employment cost index, something jerome powell flagged at the december 2021 eating a couple of weeks after he dropped transitory. that is something that has been hovering out a record of last year and has eased off a little, but they may stay in line of 1.2%, but that is still high, and as far as you m