joining us, stephanie link from the street, ryan dietrich from shafers research, larry mcdonald, and rich peterson from s&p capital iq. welcome. thanks for being here on a friday afternoon. stephanie, we'll kick it off with you. what positive signs do you see in the market, whether it's cash, whether it's inflows into the equity market, that make you believe the equity run isn't over yet? >> for one, earnings are better than expected. i know rich is the expert on equities number. revenue is a little better than expected. the fed is definitely on hold. even if they taper, they're still very accommodative. to me, this week, what's really interesting, is commodity costs are coming down. oil is down 15% from the august 28th high. >> tell that to my local gas station. go ahead. >> that's a good thing. it's good for the consumer and also good for companies that use this as an input cost. that's why you've seen discretionary names do well this week. you've seen the staple stocks do well this week. the economic data is actually pretty good. those numbers today, the new export orders equate t

with me here again, steve forbes and larry mcdonald. any particular quick theory? is this just profit taking correction or what? something going on i don't know about? >> a classic intra day reversal. which is typically over the short term bearish. the market was raging in the morning and then the reversal of about 27 handles on the s&p from high to low. i think short term if we don't retest that high that we achieved today, we're going closer for the next three weeks. >> you have to have correction. you can't go up all the time. >> that's right. >> let me ask steve, a very interesting story in the "wall street journal" today. a bunch of sectors, consumer discretionary, raw materials, tech and industrials have had great runs over the past three months and their profits are exceeding all expectations. steve, those as you know are cyclical growing type stocks. so the stock market is more bullish on the economy than probably either of us. >> i think so. but we have to keep in mind, larry, going back the stock market today in real terms isn't much different than it was

. >> joining us is larry mcdonald and carol roth to talk about it. >> good to see you. >> thanks forng us. you came back from the big hedge fund conference. i want to ask you about that. i know you have good observations about that. first, what do you think this bet is on, george soros and dan loeb buying into fed ex. >> keep in mind when you see s.e.c. filings on ownership positions, these are probably bets that were made, purchases that were made during the depths of the debt ceiling selloff, right? if you look at fedex, it's up 25%, 25% from the debt ceiling selloff. exxonmobil up 20% from the debt ceiling selloff. you have to be careful. >> in terms of putting money into it now. >> presumably, carol, this would be something of a bet on the global economy, knowing how sensitive a company like fedex is to the strength of the global economy. do you see it that way? >> you know, bill, can you call me cynical or you can call me a nicer name, but i don't think this has anything to do with the global economy. i think this is all about activism. and when i look at the names that have got

joining me is stephanie link from the street, can ryan schaeffer, larry mcdonald from new edge usa and cnbc contributor and kyle harrington from harrington capital management. good to see everybody. thanks for joining us. kyle, what's your take on this market? record after record after record. you want to put new money to work here? >> wow. this is a tough time. you know the dow jones, over 16,000, exciting. i just want -- i want to pick the right time to enter the marketplace. >> you're waiting for a decline? >> i'm going to wait for a decline. i'll look at retail sales and see how it shapes up before we put new money to work in the market. >> stephanie link, where are the values in this market right now and where do you see froth? >> i've been saying i'm not really sure we go a lot higher in the market between now and the end of the year unless we have that famous blowoff we usually have. we've had a nice run f you look at certain sectors that have lagged will benefit from a taper, meaning better growth down the road is the financials. the financials led in a huge way this week. i th

larry mcdonald from new edge usa says it won't be until june. and cnbc.com jeff cox says, it doesn't matter when they will begin tapering. craig, why do you think it happens sooner rather than later? >> good afternoon. i think you have to remember a couple of things. first of all, there's a group of people on the fed who want to end asset purchases because they're worried about financial stability. the longer they wait, the worse that problem gets. secondly, there's a group that wants purchases to be data-dependent. at the june meeting whether they were ready to taper, three-month payroll growth was at -- today it's at $202,000. if payroll growth is better, you better go ahead and do it. the third reason, sequester cuts are not crushing economy. we saw that in third quarter gdp report. fourth reason, government shutdown did not crush the economy. every meeting they don't taper, the markets grow more and more concerned they can't taper. so i think they want to taper sooner rather than later. >> larry, you don't think they will. you think they'll

larry mcdonald is live on set. good to see you. >> good to be here. >> what are you looking at? >> we have a model, we did this in 2011, 2012, we look for stressed sectors toward year end, especially with the s&p up 26%, 27%. people in december have to sell their losers, they have to sell them. we did this search in 2011. bank of america, the financials, came up, end of 2011. sure enough, bank of america was up 100% in 2012. at the end of last year, first solar, best buy and hewlett-packard were all dogs, in december. and they were up 50%, 60% in the first half of this year. so going into 2013, we're looking at the homebuilders are looking interesting. they've underperformed in the last six months. credit is outperforming the equity in the case of honna, but the gold miners and gold -- >> yeah, newmont, cliffs, peabody. >> all among the weakest performers, and by the way, from last year's laggard to this year's winner, you can put nokia in that basket, too, right? that's another stock up triple digits, 103%. so what do we think about these? >> that's an interesting strategy. but

i'm going to bring in larry mcdonald on this. larry, it's bitcoin.h with bitcoin at $210. now today i hear it hit $1200. how much more air does this bubble have in it before it pops, do you think? >> well, with bitcoin you're going to see massive moves up and down as we saw earlier this year. but the one thing is, keep in mind, the amount of bitcoin outstanding relative to say gold or other assets, is still very, very small, so you can have violent moves in the price because i think there's only like 8 or $9 billion of bitcoin in the world outstanding relative to gold's $7.6 trillion. you have to take it with a grain of salt, bill. >> well, for anyone who was saying that bitcoin could be the new gold, we're not far from actually that intersection where bitcoin is pricier than gold because that's another thing, larry, just how poorly gold has traded this month. in fact, for the last three months. and anyone who's betting on a rebound now is really sticking their neck out there. where do you think it's going next year? >> i love gold for the first quar

larry! let's keep on going. we have the blitz here. gary, you say that mcdonald's.stant theater in the right direction? >> absolutely, this gets over to 70% of its revenues from the drive there. >> i think it's a great stop no matter what. >> they are talking of overhaul menu items. any go to the next one, where, you know, you get this stuff, it's in the third one is coming here is what you screwed up. >> that is exactly what it is supposed to be. and so that is out of the third window and $3 million, spending it to get it together to get this right. >> you're talking about three to 6% of overall revenues and don't forget that the company has been going for $20 billion they were talking about a rounding error. these are steps that they have to take greater profit margin, 20% or so. >> of this sounds familiar, hurricane katrina senate snowstorm. it happened just a while ago. they are losing in the revenues and companies have slowed. they are kind of old school technology, if you will. and we were listening in on the phone cause of angela merkel. >> if you're going to