let's start with lee munson. should we be bracing ourselves for a big sell-off next week? that's what markets do after profit binging. >> i thought there would be and expect today to be pause and refresh but not so sure and anything we get might be mild. anything with earnings is pulling back on quality names. netflix today said something interesting, said basically, people are still looking to save money and stay inside. profits are up, they're making more money. any type of pullback -- >> lee, after a big rise like this, whatever a 10% dip as correction and go back up again. you don't see 10% pullback, right? >> no, i don't. >> i was very bearish before this year, if you can get 3 to 5%, take it and get in. >> you're a bull, but you do sa we're in for a pull back. give me some contrast to what  lee was saying. >> we've come very far, very quickly and the earnings reaction has been fantastic, 75 of companies have beaten  expectations. i know most of the time, it's about 60% that do. we really had a tremendous  reaction. i think you can't grow straight up. i know

lee munson, start us off, what are you buying tomorrow?one thing i will be buying tomorrow is anything show iing earnings weakness. maybe wells fargo and pay attention to utilities a leading indicator. if utilities lag that means trouble in the market. if they hit good numbers i will looking for more financials maybe buy back my am ma zochblt any type of staples i see weakness, maybe get more pepsi. >> david, you're a bearish guy. what do you think is worth a bu buy? >> i say long in energy, and gold wilton climbed and eventually reach new highs prior to the big crash. these are areas have legs in it. emerging markets we talked about. emerging markets are where people need to participate. these emerging companies, especially china will continue to lead because they themselves are still in a secular bull market unlike the united states in a secular bear market. we have to separate those two with our investments. >> the u.s. sells a lot of stuff to those chinese, nice thing. how about you, david, where are you putting money now? >> an intere

joining me with stops picks and pans, bullish lee munson, asset management and bearish, peter. ining us once more, fritz meyer, senior market strategist with invesco and bill, with core state capital advisors. lee, start us off, where are you putting money now? do we go back down or is this the start of a new rally? >> i think it's the start of a rally, second leg up. if we go down tomorrow, futures poi pointing up, i would use that opportunity. if earnings go well and they don't show anything unusual, we want to go back in. right now, you have to get rid of your junk. that's what's been going up since march, look at some quality names right now, you'll be okay. bottom line, get rid of junk, look for quality. have a keycorp, sell it. maybe a pullback, i think we will get a late summer rally. if it doesn't happen, this fall, market's going up. >> all right. bill, what sectors or stocks you looking senate. >> i'm a big believer a recovery has begun. i like anything you can eat, smoke or drink, that category will be great profits. >> discretionary? doesn't that count as discretiona

for more bulls versus bears, bull number one is lee munson, chief investment officer for portfolio assets, bull number two is joe miller, founder and strategist of wall street capital funding and our brave bear is john lekas, ceo and portfolio manager of leader capital. let's start with our first bull and give me your best case. am i overdoing it here? >> i don't think you're over doing it, dennis, you have to understand week going through a sideways correction, all year especially in interviews on "closing bell," people are degrading me when i said the recovery will start beginning 2010. the market is six months forward looking. we're six months away from 2010. i'm bullish. last week, we covered most of our shorts, started going long, we've never been more vested than now. just a few months ago, people were talking about green chutes and now they're saying green chutes are yellow. it's bumpy, probably have higher single digit, low double digit unemployment a while. bottom line, companies are recovering, you have opportunities to get in. i've been bearish most of the year but my actions,

i'm joined on the floor by lee munson chief investment portfolio asset management. and david darst at morgan smith barney. the guy with more business card print than anybody ever. >> thank you. >> we're having the best week for stocks that we've seen since the trough in march.. a lot of people saying thin volume, summer, whatever, that we're going to give it back next week. >> matt, the bullish to bearish ratio is right at the same level it was march the 9th. that's 27% bulls, 54% bears.. this pullback we had, this 7%, 8% sell-off that this week has now reversed is basically the sentiment is still very negative.. valuation is not the key determinant. the key determinant will be earnings. you look at ibm, some of the drug stocks this week, google this week, the earnings have come in nicely, and the guidance is coming in nicely. what management's talking about, they're sanguine, constructive, positive about the future. intel is another one. so we like the market here and can see it run some further. >> so is this a bull and a bear? what do you think? >> if we close po

and lee munson, chief investment officer with portfolio asset management. lee, i think you mentioned last week one stock you wish you had gotten into, san disc and it went up in a single day. what do you think of these markets and what do you think of ben bernanke today? do you think he gets reappointed. >> i think he gets reappointed. the only thing he that sand op-ed piece is he thinks the fed exit will be smooth and timely. he's a smart guy. he clearly stated today he has four or five ways to take out excess liquidity, $800 billion in reserves. he has a plan and not afraid to leave the bunch bowl maybe a couple minutes longer than he should and under such skrcrutin won't make the mistakes greenspan did and didn't say anything different other than the smooth and timely part. >> one clear message, he will not be raising interest rates too soon. we may not see it until 2011. that could be good for the stock market if he holds to that, true? >> those are interesting and important, huge institutions, endowment funds, pension plans, dramatically underowned larg