 Art with stocks flirting with record highs is a summer correction looming here now as Paul Christopher head global market strategist at Wells Fargo Investment Institute, so Paul you expect the S&P 500 to hit 22 30 or 23 30 by the end of the year that would on the on the lower end be an eight and a half percent drop from where we are now at 24 36 so do we get a correction coming this summer? We probably have some time between now in the autumn We probably have some give-back in stocks as valuations consolidate people will be looking into 2018 thinking about the Fed about inflation and about fiscal policy and what Congress might be able to do those are going to be some big questions So with a target on the S&P 500 between 22 30 22 30 and 23 30 that implies roughly flat growth for the market in 2017 what does that tell you about the broader bull market? Is it still intact? We still think so Scott the the economy we think probably has a couple of more years to go That means earnings will continue to grow, but we do think late in the cycle as we are with the Fed raising rates Especially we're going to have more time more opportunities for investors to double-think or rethink How much of their ruling to pay for a dollar of earnings? All right, so then investors should use these pullbacks potentially is buying opportunities I mean, what do you make of technology stocks? We're seeing Amazon and alphabet over $1,000 a share. It's pretty incredible Yeah, that's pretty incredible. We went back to even weight on technology last autumn We thought maybe they were a little bit overdone then we think they're even more a little overdone now We continue to like the cyclicals where we think you've got a better chance of playing longer term sustainable growth Okay, so a more safer play there a safer play cyclicals like the discretionary consumer discretionary and industrials All right and in terms of Trump policy We know Trump has a host of market-friendly agendas, but they seem to be stalled So where does the Trump play fit into your S&P target? Yeah, we didn't make any assumptions about fiscal policy reforms or implementation this year because we thought delay and dilution would be the order of the day That's proving to be the case. There's still a chance We could get some prospect of health care reform and tax reform for early 2018 The markets might start to discount that in late 17, but we'll play that when we get to it right now We're not expecting or forecasting any sort of fiscal policy Improvement or boost for the market. Yeah, and don't forget we have that big August recess in Congress So nothing's gonna get done that. Yes. All right, Paul Christopher. We'll leave it there. Thanks so much for joining us Thanks, Scott. All right, I'm Scott Gam and you're watching the street