warren myers is here with us. art, beauty before age.rspective into this. >> and beauty was a horse. the frustrating thing about it is this should really look like a cattle stampede. should really have everything excited. this is the peggy lee rally. is that all there is? your volume, the rally is broad and touches a lot of sectors. but the volume is lacking in that sense of urgency. that sense that the shorts and the people who are underinvested should be looking and saying the train has left the station. >> it might be but i must tell you it is very frustrating to watch new record high after new record high without a great deal of enthusiasm. it's i guess that's what i have got to do routine. as jason and his people call it, there is no alternative motion in for stocks. >> many have gotten taken to the cleaners on this. >> definitely. and i think that has been the way for a couple of months. one, it's hard to fight the fed with the easy monetary policy moneys being forced into the risk assets. and i think i agree with arden and the fac

. >> in today's "closing bell" exchange, we have bill, joe tan tennis, and also warren myers, cnbc market analyst from dme securities. you saw those back and forth numbers that bill did at the top of the show here. it feels like this market is stuck. is it? >> yeah, i think it is. i think what you're seeing is the economic numbers are weakening, the commodity prices are falling, and usually, the interpretation of that is demand destruction. the economy is getting worse. but the fed is all in. they're at 85 a month. now, maybe some people like jim bulllard are talking about doing more, but that's not on the fed's table right now. what's on their table is potentially tapering out of the 85 a month when the market wants more. the market is stuck. they want more from the fed, because the economy is weakening, or they want the economy to rebound and nothing's happening and we jump around all over the place. >> warren, what do you think? you've been constructive on this market all through the first quarter. you felt like there was more to go here. but do you feel like the psychology is changing

we ask our friends peter costa and warren myers.ou think happens going into the second quarter? do we repeat last year? >> on april 1. you take it, peter. >> i still think the market -- we're going to probably see a very flat line quarter. i do think we'll see a couple of new highs going forward. i think what we're really going to see is a much stronger third quarter. that's what i'm looking for. the second quarter to me is just going to be almost a wash out. >> you think that because you think earnings reaccelerate in the third quarter? >> i think what happens is that the earnings in the second quarter -- what we're going to see from the first quarter, it's not going to be that strong. you will start seeing ak semirated earnings. i also think there's a lag time between new highs and new new highs. i think that new new high is going to be towards the end of the summer going into august, september. you know, and that's -- i mean, generally every new high you've seen, it's usually taken five months, four or five months for the next ne

we've got peter costa with us as well as warren myers. good to see you, guys.being here. are you surprised by this turn of events at the close here? >> you know i've been a little positive lately and talking about the underlying strength in the marketplace. they had every opportunity, the bears, to really knock this market down. they trieded this morning, unsuccessful to hold it on the lows. and held by the transportations and the large cap index, the dow industrials. this market's really coming up strong. >> i'm going to play the resident skeptic, peter. how many more dips can we buy? >> you can buy as many as -- >> ask me when the fed is finished. >> when the fed's finished, there's going to be your biggest dip. but you buy every dip you can. and i don't think there's anything wrong with buying on a dip. >> job growth in march was horrible. nowhere near -- i mean, so we're nod trading on fundamentals? >> the job growth down, what's that tell you? the fed's going to continue their policy for even farther than the eye can see, and i thought you could see it pre