." ♪ coming up, valuatis main elevated, volatility sinks.he epicenter of the reflation trade comes unstuck and china's deleveraging campaigros commodities. where are the investors who turned bullish? we start with a big issue. is low volatility a sign of investor complacency? >> you see that in equities, in credit, in interest rates, really across the board, markets are looking past almost all risks out there. >> the fix is very low and you have no real sense the markets are starting to crack. if the fed pushes their luck and hikes too much or titans too fast, ior tightens too think that will change. >> you are going to need to see real evidence of inflation building. i happen to believe that is a real possibility on the back end of this year. right now, i think it's a bit -- i think the vix has it right. >> if the market is going to be that calm, you need to leverage your positions. you will get to a tipping point at some stage. join -- jonathan: joining me from pennsylvania is great davis. also oksana aronov. ,great to have you with me. th

." ♪ coming up, valuatis main elevated, volatility sinks.lation trade comes unstuck and china's deleveraging campaigros commodities. where are the investors who turned bullish? we start with a big issue. is low volatility a sign of investor complacency?

valuati valuation, that's been the story and you can't invest in black swan events. >> but these names that i mentioned, those five, whether they're the fangs or other wise can just continue to keep climbing as a result -- >> not alone. look at sales force, adobe. >> i named those. >> just beyond if we were playing nifty fifty games like in the late '60s, if it were just five stocks, i would be very concerned. the fact it's broad-based and every time you want to get bearish, i listen to wang's keynote address. he's the ceo of nvidia. he gave a keynote address that every person in the technology industry was glued to. it happened last week while everyone else was obsessed over james comey. he was laying out a blueprint. the things this company is working on and its expansion of its total addressable market. tens of billions of new opportunities for chips. that's why you're seeing a stock like nvidia do what it's doing, but not just nvidia, it's comprised of dozens of stocks that continue to make new highs because the tam getting getter bigger, so people are willing to pay an increased m

google has almost 50% more valuati valuation. 680 to over 400 for amazon.t first, is a number. flip a coin, i think it's google. charles: scott, what do you think? >> i think it's amazon. here is why. you know, when you're talking about short-term price targets, i think both will hit a thousand by the end of the quarter, june 30. just on charts, you're a chart guy, there's a touch, a smidge more momentum in the amazon upside price and i'd pick amazon to get a thousand before google and we own both. >> john, i'm sorry you're bigger, but the answer is amazon. the earnings estimates. >> thank you, jack. >> that's a great sign investigators love when that happens, that means that amazon is spending money on something that's going to reaccelerate their sales growth. who cares about earnings when they look at amazon. the stock is about to head higher. charles: let's check on the big board. again, this could be a historic day. we're up 55 points for the dow, well above 21,000 right now. it's sort of spinning our wheels for the strong open waiting for the next wave