AVERAGES WHERE WE DID HAVE SOME
RECORD CLOSES FOR THE DOW AND
THE S P 500 JOINING US NOW
WE'VE GOT MATT HORTON WHO IS
THE DIRECTOR AND PORTFOLIO
SPECIALIST AT CURRY ON TOWER
ADVISORS, THANK YOU SO MUCH
JOINING US TODAY, THE DOW
ENDING THE DAY ABOUT 34,000 FOR
THE FIRST TIME WHILE THE S AND
P 500
ALSO CLOSES AT A RECORD.
SO WHEN YOU GET YOUR BIGGEST
TAKE AWAY FROM TODAY'S SESSION.
>> IT'S GREAT TO BE BACK RIGHT
AND
I THINK.
>> IT'S NICE TO SEE THE
OPTIMISM THE SEA OF GREEN THAT
WE'VE GOT AND WHAT'S
PARTICULARLY INTERESTING IS
THAT I'M LOOKING AT THE MARKET
IS TO SEE
THIS CONSTANT BUSH AND PAUL
WE'VE HAD BETWEEN GROWTH AND
VALUE THE BIG STORY OF THE YEAR
HIS BEEN SEEING A RESURGENCE IN
THIS WOULD PLACE AN AIRY BEAN
SEEING A LOT MORE TO TELL YOU
BEING DOWN POCKETS MARKET FROM
2020 MAKING SOME STRONG GAINS
WITH OVER THE PAST COUPLE OF
WEEKS, HE REALLY SEEN THIS
ROTATION FROM VALUE TO GROWTH
BACK INTO VALUE BACK INTO
GROWTH AGAIN AND I THINK GOING
FORWARD WE'RE GOING TO NEED TO
SEE IS BOTH OF THOSE AREAS OF
THE MARKET WORKING IN INDIA
LIKE TODAY IS ENCOURAGING
BECAUSE A NUMBER OF VALUE
SECTORS OUTSIDE THE FINANCIALS
AND ENERGY HAVE WORKING WE'RE
STILL SEEING STRENGTHEN
INDUSTRIALS AND INTERIOR WILL
RECEIVE HEALTHCARE START TO
PERFORM WELL AGAIN ON SOME
STRONG EARNINGS AND YOU'RE ALSO
SEEING INFORMATION TECHNOLOGY
CONTINUE TO LEASE I THINK IF
ANYTHING IT POINTS THAT THERE'S
HEALTH TO THIS MARKET AND THE
EARNINGS COME IN AS WE EXPECT
AND TO BE WHICH WOULD BE VERY
VERY STRONG THAT WE CAN
CONTINUE ITS
UPWARD MOMENTUM.
>> YEAH, INDEED, OK AND SO ARE
THEIR POCKETS RIGHT NOW WHERE
YOU CONTINUE TO BUY AND EVEN AT
SOME OF THE HIGHS THAT WERE
SENT. DRIVERS.
WHAT I CONTINUE TO REMIND OUR
CLIENTS WE TALK TO THEM IS
DON'T CHASE THE
MARKET HIGHER.
>> IS THERE THERE'S DEFINITELY
GOING TO BE MORE VOLATILITY
GOING FORWARD AS ASHLEY IS IS
YOU GET EARNINGS FOR THE TROOPS
FROM MANAGE
THE COMPANY'S WAIT FOR THE
MARKET TO COME TO YOU THE
OPPORTUNITY TO STICK WITH
DOWNSIDE BECAUSE WE ARE STILL
VERY OPTIMISTIC WITH THE
MARKET DOES. SO WAIT FOR SOME
SORT OF HOLD BACK IN COURT
AGAIN, BUT BUT AREAS WHERE WE
ARE CONSTRUCTING IN WHERE
WE WOULD YOU'RE LOOKING TO ADD
IS ANY WEAKNESSES, SMALL CAPS,
A SMALL CAPS ARE LEVERAGING THE
STRENGTH OF THE U.S. ECONOMY.
THEY WERE THE PERFORMER
STARTING IN THE 4TH QUARTER A
RECORD 4TH QUARTER WHICH
CONTINUED INTO
HE WON THAT CAN CONTINUE
ESPECIALLY AS THE ECONOMIC DATA
COMES IN AND CONTINUES TO BE
STRONG. I THINK ALSO LOOKING IN
BEING SELECTIVE ABOUT SOME OF
THE REOPENING
TYPED RATES A LOT OF THEM HAVE
GOTTEN AHEAD OF THEMSELVES, BUT
LOOK AT BUT PEOPLE ARE STARTING
TO DO WHERE THEY'RE SPENDING
MONEY LOOKING AT MAYBE GAMING
OR IS SENIOR TECH COMPANIES IS
VEGAS CONTINUES TO REOPEN
A LOT OF THOSE PARTS CUTS THE
MARKETS STILL LOOK PARTICULARLY
INTERESTING AND ALSO
INFORMATION TECHNOLOGY YOU CAN
GET EXPOSURE
TO CYCLICALITY WITHIN
INFORMATION TECHNOLOGY AND
EARNINGS HAVE BEEN CONSISTENTLY
STRONG THERE'S GREAT FREE CASH
FLOW GENERATION, AND A LOT OF
THE SECULAR GROWTH TEAMS THAT
ARE DRIVING THESE COMPANIES
SUCH AS 5 G THE BUILD-OUT OF
SEMICONDUCTORS ALL OF THOSE
SHOULD CONTINUE TO
DO WELL GOING FORWARD HOW DO
YOU SPOT A REOPENING TRADE
THAT'S GOTTEN AHEAD OF ITSELF.
A LOOK AT AIRLINE WE WE GOT
READINGS FROM DELTA TODAY.
AIRLINES I THINK YOU HAVE TO
MAKE A DISTINCTION BETWEEN
DOMESTIC CARRIERS AND THEN
CARRIERS THAT ARE MORE EXPOSED
TO BUSINESS AND
INTERNATIONAL TRAVEL. IT'S VERY
VERY ENCOURAGING THE PACE OF
VACCINATIONS THAT ARE HAPPENING
BUT IT'S ON YOU THEN,
ESPECIALLY THROUGHOUT THE REST
OF THE WORLD AND USING NOT A
LOT OF PLACES PEOPLE CAN GO ALL
ESPECIALLY FROM THE U.S.
OUTSIDE OF
THIS COUNTRY AND SO TO HAVE
SEEN THE
GAME THAT HAVING A LOT OF THE
LARGE FLAGSHIP CARRIERS IN THE
U.S. GETTING BACK PRETTY CLOSE
TO 2 2020 EARLY 2020 LATE
2019 LEVELS THAT'S PROBABLY GOT
A LITTLE BIT AHEAD OF ITSELF
AND YOU SAW THAT PLAY OUT WITH
DELTA'S EARNINGS SAID THAT HE
HAD A LITTLE BIT OF MIST TODAY
AND ALSO THE GUY IN SCHOOL.
WHAT IS THAT THERE'S GOING TO
BE INCREASED COST PRESSURES AS
WE GET A LOT OF THE AIRPLANES
BACK ONLINE
RETRAINING PILOTS. SO IN THE
NEAR TERM THERE COULD BE SOME
ISSUES SO THAT MIGHT BE AN
EXAM. SOMEPLACE IT'S GOTTEN A
LITTLE BIT. AHEAD
OF ITSELF.
>> STRONG EARNINGS FROM BANK
STOCKS AS YOU WERE REFERENCING
A MOMENT AGO DO BELIEVE THAT
ITS EXPECTATION FOR THIS
EARNING SEASON.
>> ARE THEY LOW
ARE THEY.
>> AHEAD OF THEMSELVES AS WELL
WHAT COULD WE EXPECT THROUGHOUT
THE REST OF THIS EARNINGS
SEASON.
IT'S A GREAT BUY SOME BREAD AND
I THINK EARNINGS EXPECTATIONS
ARE PROBABLY
TOO LOW.
>> WHAT'S BEEN REALLY
INTERESTING IS THAT WE'VE SEEN
OVER THE PAST 3 QUARTERS
OR SO THAT YOU HAVE A REALLY
REALLY STRONG EARNINGS BEATS
AND THAT COMES AS YOU HAVE
ANALYSTS INCREASING THEIR
ESTIMATES INTO THE CORNER AT WE
CAME IN 2 DEAD TO THE 1ST
QUARTER WITH EXPECTATIONS,
ALMOST 24% EARNINGS GROWTH ON
THE S AND P 500 AND WE'VE
HISTORICALLY OVER THE PAST 3
QUARTERS BE OF ABOUT 19%.
SO IF
YOU GET ANYTHING LIKE WE HAVE
SEEN OVER THE PAST 2 QUARTERS,
WE'RE PROBABLY
LOOKING AT AND ALMOST A 30%
EARNINGS GROWTH ON THE S AND P
500 WHICH IS GOING TO BE THE
BEST THAT WE WOULD HAVE HAD
SINCE 20 TED AND SO IN ACROSS
MOST SECTORS, YOU'RE LOOKING AT
SOME VERY VERY STRONGER.
YOU KNOW A LOT OF THE BANKS
THAT WE'VE
SEEN THAT THE REPORTED RATE
NUMBERS, THE BANKS DON'T TEND
TO MOVE A WHOLE A LOT ON
EARNINGS UNLESS IT'S A
BIG MESS. SO IT'S NOT
CONCERNING TO SEE THE ACTIVITY
THAT WE'VE HAD OVER THE PAST
FEW DAYS, BUT THE GUIDANCE THAT
THEY'VE HAD HIGHLIGHTS THE
STRENGTH AND THE OVERALL
ECONOMY AND I THINK THAT IS
WHAT WE SHOULD TAKE AWAY IS
BEING NOW A PREDECESSOR TO WHAT
WE CAN EXPECT FROM SOME OF THE
MORE CONSUMER-ORIENTED
COMPANIES AS YOU GET DEEPER
INTO
EARNING SEASON.
>> MATT JUST LASTLY WE HAVE
YOUR WEEKLY JOBLESS CLAIMS
FALLING TO THEIR LOWEST LEVEL
OF THE PANDEMIC AND THE LATEST
DATA ON RETAIL SALES THAT
CERTAINLY CRUSHED EXPECTATIONS
AND SO ULTIMATELY HERE DO
BELIEVE THAT
WE'RE IN NOW FIRMLY ON THE PATH
TO A FULL ECONOMIC RECOVERY AND
WHAT OBSTACLES ARE HURDLES
WOULD STILL BE IN THE WAY HERE.
>> I CERTAINLY
THINK WE'RE WELL ON OUR WAY
TOWARDS THE ECONOMIC RECOVERY
THAT THE DATA HAS BEEN
CONSISTENTLY STRAW. FOR A WHILE
THERE'S BEEN A LITTLE BIT OF
VOLATILITY IN THAT. BUT OVERALL
WE'RE WE'RE DEFINITELY LOOKING
AT AT SOME STRONG ECONOMIC
GROWTH PROBABLY FOR AT LEAST
THE NEXT YEAR.
NOW A LOT OF OUR PORTFOLIO
TEAMS ARE POSITION THAT WAY
FORWARD AND
I THINK ONE OF THE BIGGER RISKS
THAT YOU COULD BE LOOKING AT
THAT I THINK WE SAW PLAY OUT
OVER THE PAST COUPLE
OF MONTHS IS IF THE DATA IS
CONTINUES TO ROLL AN INCREDIBLY
STRONG DOES THE FAT HAVE TO
PULL BACK ON THE EXCEL ON RADAR
BUT WITH THE ECONOMY AND
MONETARY POLICY SEEN OVER THE
PAST YEAR. AND DO WE HAVE
STRONGER THAN EXPECTED
INFLATION, I'M IN THE CAMP THAT
WE DOCKED AND I KNOW I'M
DEFINITELY NOT IT CONSENSUS
THERE BUT WHEN I THINK YOU'LL
DEFINITELY
SEE SOME UGLY NUMBERS FROM FROM
BASIC FACTS JUST BECAUSE YOU'RE
OVER HERE
NATURALLY GOING TO HAVE STRONG
GROWTH NEW HAD BIG DECLINES IN
PRICES LAST YEAR. BUT THEY'RE
STILL SLACK IN THE LABOR
MARKET. THEY'RE STILL VERY
STRONG UNEMPLOYMENT BENEFITS AS
WELL AND SO AS YOU SEE MORE
PEOPLE COME OUT OF UNEMPLOYMENT
COMING BACK INTO THE ECONOMY
YOU SHOULD CONTINUE TO SEE THAT
SLACK IN
THE LABOR MARKET WHICH SHOULD
SHE KEEP A CAP ON HOW HIGH
COSTS INVOLVED. AND IN ADDITION
TO THAT. WHAT WE'VE SEEN REALLY
SINCE THE END OF THE FINANCIAL
CRISIS IN 2008 IS PRETTY BIG
DEAL LEVERAGING FROM
THE CONSUMER AND WHEN YOU LOOK
INTO THE BANGOR. STAT WE'VE HAD
OVER THE PAST FEW DAYS, WE'VE
ALSO SEEN THIS TREND WERE A LOT
OF CONSUMERS HAVE BEEN TAKING
ON NEW LOANS AND IF ANYTHING
THEY'VE BEEN PAYING THAT OFF
AND I THINK THAT CAN BE VERY
HEALTHY TO KEEP INFLATION
IN CHECK BUT ALLOWED TO
NOMINATE GROWTH AND THE
RECOVERY TO CONTINUE AT A
STRONG PACE WITHOUT HAVING TO
TO WARNING THE FED ABOUT