 Well the market had another chance to show its grid and once again buyers materialized to buy the dip, which is good news But the major indices get close lower Reflecting the fact that outside noise is more than just a speed bump for this rally that noise Of course is geopolitical risk and uncertainty over trade negotiations now ironically I think the worst-case scenario is that the status quo remains and in the listen It's the same status quo that the markets and Washington DC learn to live with a long time ago Right now the unknown though continues to distract from great economic data I'm loving the action in these truckers as you know This is one of my big investment themes that centers around these intermodal containers I also love the smart and wealthier consumer theme But that does mean that it will continue to see distinct winners and losers in retail and that brings me to the earnings Conference call which has become the most important job one of the most important job certainly for management of publicly traded companies Long-gun tirades like Elon Musk means instant selling in your stock But also think about this just one wrong word like the CFO a caterpillar learn the hard way by the way Can it raise three months of amazing business execution this morning conference calls saved L brands from a terrible earnings release and it sunk Best buy after a great earnings release by the way after the close it's a mixed bag for retailers and tech names But I bet many of these initial moves will reverse before the open tomorrow my panel now to discuss David Nelson bell point asset management chief strategist Kevin Kelly benchmark investments managing partner and Melissa Armo the stocks swoosh Melissa, let me start with you What do you think I mean? I know that you're big on momentum carrying this through you think we're gonna be in this trading range for a while What do you make though the last two sessions to resolve climbing off of these multiple 200 point down Sessions to sort of climb higher. I heard what you said last night on your show and I agree with you about that a hundred percent I'm surprised how we rallied yesterday and we did fall this morning on North Korea news And then we did we closed negative, but we rallied in the close. I will give you that I mean we might break out of this range. I mean you're a big believer. You're convincing me. We might do it. I'm getting to you Watch this as closely as we do you have to be someone impressed Kevin that that the market does turn around by the same token though You have to be equally frustrated that fundamentals seem to play less of a role in the market day to day Yeah, but like you said earlier in retail, there's winners and losers and there's winners and losers across all the boards And so if I'm looking at retail, I'm gonna go into the retail real estate It's up over 5% since Macy's reported earnings because across the board and retail They said foot traffic is up whether you look at coals or you look at Macy's look at Lulu lemon It's already touching a 52 week high and they still haven't gotten their management straight But consumers are spending money so you want to get into the retail real estate That's trading at a 25% discount to the net asset value and a nice dividend there also Oh, yeah, you're getting a 5% dividend And so it's really sort of bottomed out here after the last couple years the death by e-commerce Hasn't played out 95% of all retail sales happen to companies that have online and offline presence The offline presence is the gateway to online Online consumer. What's the main thing standing out to you in these markets right now? What I think is happening I think we're myopically myopically focused on the S&P 500 and I think we have to drill down Just like you did in the opening of this segment. We're not the tide isn't going to lift all boats You hit on intermodal. I'm gonna tag along on that Norfolk Southern just raised prices on intermodal 15% just four days ago. That's pretty astonishing Some some rails are actually eliminating contracts for Southern California because they can't meet the demand That speaks to what's happening inside this economy right now I find it very encouraging the fact that the S&P 500 isn't breaking out to new highs Isn't bothering me at all. What about though the idea that the the news and noise that continues though to dominate the markets So much at least on a day-to-day basis is that discouraging at some point does could have turned investors off at some point I think people just have to accept it This is the world that we live and you're bringing up about Elon Musk's with Tesla even something like that We live in a 24-hour seven day Is he destroying this company? He's really out there and I think that's kind of exciting and it's kind of scary and it's totally him So good for him to do what he wants. You know, yeah, unfortunately He's got his hands in too many cookie jars and that's the yummy from SpaceX to the boring company to Tesla I mean, it's hard for Jack Dorsey enough to run Square as well as Twitter So I think you've got to get into these management companies that know what they're doing one of them You get you talked about intermodal look at Home Depot Home Depot is completely executed and you've seen actually basically Lowe's hasn't been able to keep up but when I'm looking at industrial warehousing I mean, that's a great play here in the United States after your intermodal trade real quick David give me a wrap, but I gotta ask you about these conference calls. I do they have too much weight now I mean It's a they're always gonna have a lot of weight and don't buy or sell anything until you finish the conference call Because you could be really really left holding the bag. I tell you some days I go home I'm so happy and I come in the morning. I'm just trying All right, thank you all very much. Thank you. Thanks me. Well