i'm sarah eisen. in for melissa lee on the desk, bonawyn eison, courtney, steve grasso, and guy adami. all popping at the start of trade after each posted revenue and earnings beats for second quarter, but the gains didn't last long. jpm landed in the green, but off the day's highs. citi dropping 40%, its worst day since march. the dow managed to eke out a fifth straight day of gains. s&p and nasdaq closed in the red. overall, very solid week for stocks, all the major averages posting strong gains since monday the nasdaq got over 3% what message does all this action send as we head into the start of earnings season guy, what did you make of the reversal >> hi, sarah great to see you sorry i'm not there. i don't want to make a huge deal out of one day i'll say this. last friday you saw a similar reversal in the market the market was on cruise control every friday last friday it changed, and today it was interesting i think a couple things stick out to me. you mentioned j.p. morgan. the reversal in the

energy names can keep the summer going, and if rebounds are ahead for the health care owner i'm sarah eisen. this is "options action" live from the nasdaq market site. on the desk, mike khouw, carter worth, and brian stutland. we're going to start with the huge week for stocks as we roll into earnings season the major averages rallying for the week as cooler than expected inflation data boosted optimism on the economy and the fed banks kicking off with earnings, j.p. morgan, citi, black rock, wells. the stocks trading mixed on the results. as we head into the heart of earnings season, what is onnure radar, mike, and what do you make away from the signal so far? >> we had some mixed signals this week for sure first as you pointed out, we did get somewhat better thannen expected epi data. at the same time that happened we did see increases in oil and copper prices, which we might think of commodities that are tied to the economy, sort of industrials there, so that's obviously i think a positive on the downside, though work saw two tens that went the wrong way. ten-way rates go lower that's no

spending in asia continues to be big after the china gdp data here's what marriott ceo told sarah eisenrev par was more than fully recovered in 2019 and in greater china so inclusive of markets like hong kong and mackao, we were just a cup of percente ag points from pre-pandemic ♪ ♪ ♪ >>> welcome back to "the exchange." goldman is lowering his recession odds to 25% sending cooling inflation and the strong labor market he goes on to say he will hike the rate cycle and those economic conditions are giving earnings projections a boost and raymond james isn't convinced just yet and writing that the projections look materielly too optimistic if the economy continues to slow. joining me now is the institutional equity strategist at raymond james good to see you, welcome >> you are not allowed to be bearish anymore. doesn't it feel like that? >> yeah. you know, i think the market was completely convinced we were going to have a recession about a year, year and a half ago, and kind of got bored waiting around for it. >> and the only thing i'm highlighting this morning is, you know, the economy