 Well today's session was pretty good to think about this the Dow it was great that was marked by some profit-taking I get a minute even I sent out some alerts to my subscribers to take profits in certain names mostly high beta names ahead of their own earnings releases but we should take note that the Dow Dow Jones industrial average has the biggest exposure to the tariff battling yet we even saw buyers re-emerge late in the session to lift the index back up to almost a 200 point gain the S&P 500 continues to be steady now it's less than 2% from its all-time high and then there's Nasdaq why was it down Google turned the tables on Amazon and that's right they announced their own cloud services platform and knocked 13 bucks off of Amazon instantly and really wallop the smaller names but still we're talking big market cap names hence Nasdaq lower and a Russell 2000 continues to mark time here's the thing with the Russell it rebalanced in late June that means the biggest and strongest names were lifted into the Russell 1000 and it's kind of struggled since then let's talk about potentially fake news all the pundits keep saying that the tariff battle has hurt the stock market I think though we're really in a stealth market rally from the March 23rd low to Dow Jones industrial average is up 1700 points we're talking over 7% from April 2nd Nasdaq is up 970 points or 14% and of course there's the S&P 500 up 239 points or 9% those are heady numbers any market manager would take them in a full year here now to discuss Daniel DeMarquino booth former Dallas Fed advisor and joining us joining us now and back with us Melissa Armel Daniel a lot of news this week we got the EU meeting tomorrow we're in the midst of earning season and then of course that big GDP report where do you think where do you rank these things in terms of influence on the market and also what we should be keeping an eye on for the second half you know I think that this week the markets are saying no news is good news we haven't seen any further bad news out on the tariffs I think that that's one of the reasons that you saw the Dow Jones industrials rip higher today and I think that all eyes right now are on earnings look Charles you follow this as closely as anybody in the financial media you know that nine out of ten companies have been beating on the top line and you know that eight out of ten companies have been beating on excuse me I got it backwards nine out of ten companies have been beating their earnings eight out of ten have been have been beating on sales these are very strong figures the only anomaly I would throw out there today is what you just brought up and that's the Russell yeah and I think you know a lot of people don't realize in late June now they rebalance the rest on June 22nd so they took out the hot names like grubhub and it's struggling for leadership I think we'll be okay there Melissa I want to ask you about about this you know this sort of stealth market rally that we have we got hit the biggest times the market got hit this year the first big hit of course was when that jobs report came in and employment was up 2.9 percent the Dow that day was now 666 points and then there was a fear about the inverting yield curve that drove it even lower since we got the announcements of trade tariffs and would implement the implementation of them the market has still been steadily going higher really countering what everyone's saying I think the only thing that could take this market off course would be the tariffs right now I think economically the market strong all the reports seem to keep coming out good I think even if there's a hiccup and a report between now and the end of the summer I don't think it's going to take the market off its course which is rallying however the tariffs could and you know that's one thing that's an issue but say this week you got the big big tech companies all reporting this week if they all do it if they all report good if they all gap up and make new highs and keep going there's really nothing that I see stopping this market except for a huge massive negative thing that would happen in tariffs and it would have to be so big to knock this market off if all those big tech companies report well Danielle GDP report I guess consensus is in a forest area Barkley says I think last time I checked their model have 5.2 percent how does that influence the Fed from here well I think that this keeps the feds foot on the accelerator Charles going forward I really do I'm hoping that they're starting to pay some attention however to some of the weeds in in these in these reports we had a services industry report out this morning that showed employment expectations are at the weakest level since January and that service companies are starting to really feel higher fuel prices so that the Fed continues to walk a very thin line here despite how strong the current economic data stream is they can still overtighten this economy into an into a slowdown Charles yeah my greatest fear right now is the Fed and I think the greatest worry from markets at least from what I'm hearing from companies actually happens to be the strong dollar at least it was in the second quarter ladies thank you both very much for your expertise it's always a pleasure to have you on the show up next attorney general Jeff session well he takes on the liberal college culture and he catches the liberal media flat foot we'll be right back