let's ask bryn talkington, managing partner of requisite capital management and cnbc contributor. bryn, it's great to have you here. the market seems in a pretty comfortable mode here. i guess the question is, are we getting overbought? will something come along to disturb things? it seems gdp is tracking okay. we have the holiday week trading which has an upward bias. >> mike, we sure have had a big santa claus rally well before santa claus is even coming down the chimney. i think the market will continue to grind higher. you have not only animal spirits but the seasonality that's in full effect. the mutual fund selling at the end of the quarter was really extreme and we've been off to the races and so i think the technology will continue to lead going into the year end. the returns have already been had. >> yeah, a grind you take it after what happened from august through october, i suppose. everyone seems to be very eager to want to see the nontechnology stocks contribute, and they did come off their lows. we have seen a little bit of a back from the brink action in cyclicals a

joining me for the hour today bryn talkington, steve weis, josh brown, bill baruch. let's check the markets, giving a little bit back. a run for stocks, 139 for the dow, s&p giving back about ten, a fifth after percent, the nasdaq a little lower, 447 the yield on the ten year is 4.47 that's the question we've been entertaining the last couple of days in light of this rally, are we all clear can we say that yet? >> it's a good question. i think, though, it's important we remember investment degss are being made every day and there are never absolute decisions it's buy stocks or buy something else we broke all-time records. if rates have peaked or they're even going to peak in the next six months and they're going to fade as they have the last week or two just gradually, then that 5% is not really 5% anymore and you're at risk of seeing it go back to 4.5%, then 4 and 3.5 with every ratcheting down that money market looks less and less attractive especially if the economy holds up and stocks are okay that's why on a relative basis you are going to see more people make t

bryn talkington, final trade. >> freeport. while ev sales are slowing in the u.s.k. 6. million sales in china and copper, and i like it here for a buy. >> weiss? >> i don't want to say buy a stock that's up 2% in the day, but it's down quite a bit. i ad d to it quite a bit waiting for it to firm out after the quarter. it did, so i think this is one of the stocks i want to own. >> joey t.? >> eli lilly, pointing toward new all-time highs. see you on "the closing bell." "the exchange" is now. ♪ ♪ >>> thank you, scott. hi and welcome to "the exchange." i'm kelly evans. here is the good news. yields are dropping and here's the bad news, yields are dropping. if they drop too much it could pose a whole new set of problems for the fed in the markets and we'll look at how and why you want to be positioned now. plus do lower rates mean better prospects for housing? our analysts say yes, even with recession risks growing he's here to explain. defaults in the private credit space that market also keeps going and we'll talk to the lenders about rates and returns and

joining me, joe terranova, bryn talkington, steve weiss, richard saperstine. the ten-year note yield dropped a lot this morning, 4.79. all right, joe, the first trading day of november, decision 2:00, news conference after. gundlach after that with me on "closing bell." it's the other big event today that you are waiting for, the treasury refunding. it moves the market because it came in lower than expectations. there was economic data as well. bond yields on the long end went down. and that's where we find ourselves today. you got what you wanted? >> yes. in fact, we did. we learned what $2 billion is twort to the market. 15 basis points lower. $2 billion is the difference between the increase of the refunding in august, the $114 billion should have been the number. they slowed the pace down to 112. just the fact they're acknowledging -- >> on the long end, too. >> they're recognizing that on the long end, the tbac is recognizing the long end demand is beginning to wane. that's comforting to the market. that's all we needed. it's inconsistent with secretary y

. >> let's bring in britain talkington. ybe it's bece a debate. brynn, do you want to weigh in on what mr. roger said, mr. gerstner said, and joe's own views? >> i'd love to. let's talk with small cap value because it's really simple. small cap value is probably the most economicay secular incentive you can accept in. so if anybody actually believed the gdp print of 5.2 that we're going to get, and that would be consistent in growing, you wou say, hey, this is time we're going to have economic expansion, regional banks are going to be hethier, then you would want to go into health tech. there are so many pric that make up a huge cap value, not the russell 2000, but the value segment oft is we're going to have 500 billion in kmeshlg mortgages me due in 2024 and a trillion in 2035. i do thi that we're in this unique environmental where are we -- the valuions don't tell you we're early cycle. we're late cycle. i think it's way too early to go into the small cap, but i love joe's comment on like the hypergrowth names. you've already seen th, scott. i

joining me for the hour today bryn talkington, steve weis, josh brown, bill baruch.ck the markets, giving a little bit back. a run for stocks, 139 for the dow, s&p giving back about ten, a fifth after percent, the

joining me, joe terranova, bryn talkington, steve weiss, richard saperstine.r note yield dropped a lot this morning, 4.79. all right, joe, the first trading day of november, decision 2:00, news conference after.

. >> bryn talkington, requisite capital management partner. always good virtually to see you.great weekend. >> you, too. >>> up next, your big money playbook. morgan stanley's crime toomey is back. he'll advise you on how he's advising his high net worth clients after this break. stick around hi, my name is damion clark. and if you have both medicare and medicaid, i have some really encouraging news that you'll definitely want to hear. depending on the plans available in your area, you may be eligible to get extra benefits with a humana medicare advantage dual-eligible special needs plan. all of these plans include a healthy options allowance. a monthly allowance to help pay for eligible groceries, utilities, rent, and over-the-counter items like vitamins, pain relievers, first-aid supplies and more. the healthy options allowance is loaded onto a prepaid card each month. and whatever you don't spend, carries over from each month. other benefits on these plans include free rides to and from your medical appointments. you pay nothing for covered prescriptions, all year long. all