joining us is peter boockvar a i guy we like to see on a friy to navigate us through this stuff. trade, where does it fall on your list of topics when you talk to clients and people about the stock market how important is it? >> i think it's hugely important. because of the disruptions that it's causing, not because of the actual tariffs with china. it's affecting decisionmaking. it's putting make some things on pause, people waiting to see how things play out. so it's paralyzing in terms of the most important thing, i still think interest rates, monetary policy, that is above that in terms of importance but you still need to pay attention hugely to the trade news >> is there an outcome of naft cnafta, china negotiations that would be negative for the dow dand s&p 500? if all this led to lack of a deal and the actual implementation of these tariffs, and china responding to what we do, and japan responding to what we do, yeah, that would be a growth inhibitor i think that would be a big deal >> dow futures up 23 you are surprised the market is not moving more on this news >> i sti

joining us is peter boockvar two things, maybe three things to worry about deutsche bank, italy and housingget to italy and deutsche bank in a second let's start with housing every home sold, it puts 40,000, 50,000 back into the economy you buy stuff, pay realtors, movers everybody wins if housing continues to slow down, is that a risk to the economy and maybe the stock market in some fashion >> there's no question for just that run there's a stand off. you have the positives of stronger income growth, strong labor market, millennials that want to own a home they don't want to keep paying higher rents on the other hand, 5%, 6% home price increases over the past couple of years on top of higher mortgage rates, a lot of people focus on their monthly cost in determining whether they'll buy a home or not, you see a slowdown in transactions >> yeah. >> so i don't want to say there's a downturn in housing yet, but there's a moderation in the level of transactions which gets to your point, if you have less buying, that has this trickle down effect. >> that's the thing. viewers may be listening or

around nasdaq up by 1 dow up by 29 s&p up by 2 points joining us is julian emanuel from btig and peter boockvar gentlemen, this may be a true debate, the two of you have fairly opposing views on these things julian you're bullish on this, peter you're concerned about a reveg recession. we have seen stocks pick up significantly. julian, lay out your case for why you are a pull at these levels >> we think that if you look at the nine years of rally, the bull market is climbing the wall of worry in january there was no wall of worry. that led to the correction here the wall of worry has been rebuilt and we're at a point where equity investors are more cautious than bond market investors. the bond market is telling you because treasury yields are pinned to 3% that the outlook for the economy remains strong the outlook for inflation is subdued. that's part of why the dollar rising is a good thing, not a bad thing for equities from our point of view, when you think about the fact this wall of worry is here, earnings are as good as they are, yes, we're concerned about the treasury curve flattening, bu