are up 235 points on the dow, near highs on the session for all three major averages joining us paul hickey co-founder of the spoke investment group very good afternoon to you happy new year to you. where do you stan in terms of whether this bullishness is justified. is it easy to pick bullish or bearish as we stand? >> when you look where things stand out, you look at the equity pros and cons which we look at on a regular basis, the pros are balanced with the cons. that doesn't suggest you should be taking a cautious view or just a neutral view implies average returns for the market going forward. and when we look what's going on in the market now, what's happening now, brett hits new high nasdaq hitting new highs what we follow closer than any other group is semiconductors. semiconductors is the life blood of the economy now they are in everything we use. the semis on a relative basis are hitting record highs as we speak. when they preceded every downturn and rally in the market, they are relatively strength as long as they hit new highs too hard to get overly cautious. >> the tech is the