RUSH TRANSCRIPT Joining us ░░░░░░░░ is Marion Barack tells ░░░░░░░░ investment strategist sanctuary wealth ░░░░░░░░ we have had Marion ░░░░░░░░ percent earnings growth among ░░░░░░░░ companies that have reported ░░░░░░░░ far Four point eight ░░░░░░░░ sales growth that s ░░░░░░░░ good What do you ░░░░░░░░ of the run up ░░░░░░░░ stop Six parallel of ░░░░░░░░ as you know we ░░░░░░░░ been fairly bullish Once ░░░░░░░░ got clarity on the ░░░░░░░░ we just continuously raise ░░░░░░░░ targets The economy is ░░░░░░░░ Strong that s going ░░░░░░░░ allow companies to produce ░░░░░░░░ profits interest rates are ░░░░░░░░ trending down I know ░░░░░░░░ keep talking about whether ░░░░░░░░ not we re going ░░░░░░░░ get a fed rate ░░░░░░░░ but at least the ░░░░░░░░ in rates are down ░░░░░░░░ that s very bullish ░░░░░░░░ we look at the ░░░░░░░░ cash flow of companies ░░░░░░░░ are growing and we ░░░░░░░░ them to continue to ░░░░░░░░ When we look at ░░░░░░░░ tech related companies we ░░░░░░░░ at the return on ░░░░░░░░ also known as are ░░░░░░░░ we and it s ░░░░░░░░ substantially stronger than the ░░░░░░░░ and p and that ░░░░░░░░ a metric That s ░░░░░░░░ important that I don ░░░░░░░░ think gets talked a ░░░░░░░░ about so I m ░░░░░░░░ think we can hit ░░░░░░░░ thousand this year I ░░░░░░░░ we re underestimating the ░░░░░░░░ of artificial intelligence blockchain ░░░░░░░░ you know we re ░░░░░░░░ our crypto legislation rift ░░░░░░░░ reality we re in ░░░░░░░░ innovation times that I ░░░░░░░░ you re going to ░░░░░░░░ have the ability to ░░░░░░░░ this market a lot ░░░░░░░░ Than people are anticipating ░░░░░░░░ Marion you re not ░░░░░░░░ In that view I ░░░░░░░░ we keep coming back ░░░░░░░░ that call from oppenheimer ░░░░░░░░ John salts this raising ░░░░░░░░ ear and target to ░░░░░░░░ one hundred I want ░░░░░░░░ talk about the different ░░░░░░░░ that could lead us ░░░░░░░░ You take a look ░░░░░░░░ the p five hundred ░░░░░░░░ now we re hanging ░░░░░░░░ just around sixty four ░░░░░░░░ What needs to go ░░░░░░░░ because we re continuing ░░░░░░░░ hit record after record ░░░░░░░░ we re talking a ░░░░░░░░ small steps higher And ░░░░░░░░ think you re seeing ░░░░░░░░ steps right now because ░░░░░░░░ market is extremely overbought ░░░░░░░░ you know the July ░░░░░░░░ is a very bullish ░░░░░░░░ re gonna close out ░░░░░░░░ with a really strong ░░░░░░░░ August is known for ░░░░░░░░ to have the peak ░░░░░░░░ go into the fall ░░░░░░░░ I do think we ░░░░░░░░ to take a little ░░░░░░░░ of air out of ░░░░░░░░ market and in get ░░░░░░░░ consolidation and then refresh ░░░░░░░░ going into the back ░░░░░░░░ of the year So ░░░░░░░░ am positive but I ░░░░░░░░ expecting so volatility and ░░░░░░░░ measure that are watching ░░░░░░░░ the vic s index ░░░░░░░░ think this is going ░░░░░░░░ be a good measure ░░░░░░░░ started to come down ░░░░░░░░ think once you start ░░░░░░░░ it around 11 eleven ░░░░░░░░ think that s a ░░░░░░░░ that maybe there s ░░░░░░░░ risk that a pullback ░░░░░░░░ the market but it ░░░░░░░░ just a pullback somewhere ░░░░░░░░ five to 10 percent ░░░░░░░░ I see nothing wrong ░░░░░░░░ the leadership that true ░░░░░░░░ or semiconductors I know ░░░░░░░░ ve them pretty bullish ░░░░░░░░ least very interested in ░░░░░░░░ conductors and I do ░░░░░░░░ that growth stocks and ░░░░░░░░ the attack are going ░░░░░░░░ continue to lead this ░░░░░░░░ higher get ebola semiconductors ░░░░░░░░ as a journalist I ░░░░░░░░ no opinion but I ░░░░░░░░ agree mariana I mean ░░░░░░░░ is where all the ░░░░░░░░ has been in this ░░░░░░░░ For better or worse ░░░░░░░░ s Big Tech that ░░░░░░░░ been leading us to ░░░░░░░░ record highs and a ░░░░░░░░ that comes down to ░░░░░░░░ of these semi names ░░░░░░░░ that to make up ░░░░░░░░ our way to seven ░░░░░░░░ isn t going to ░░░░░░░░ tech in charge or ░░░░░░░░ you see a leadership ░░░░░░░░ at some point I ░░░░░░░░ t see any leadership ░░░░░░░░ until 20 20 nine ░░░░░░░░ 30 I think this ░░░░░░░░ States tax tech related ░░░░░░░░ that doesn t mean ░░░░░░░░ don t have periods ░░░░░░░░ time where value outperforms ░░░░░░░░ the true leadership In ░░░░░░░░ I call it a ░░░░░░░░ cycle in growth I ░░░░░░░░ this is gross on ░░░░░░░░ I really do think ░░░░░░░░ haven t really been ░░░░░░░░ to price in we ░░░░░░░░ all of this New ░░░░░░░░ is happening it s ░░░░░░░░ adopted faster than any ░░░░░░░░ technology and it s ░░░░░░░░ than one We had ░░░░░░░░ internet We saw with ░░░░░░░░ internet into the market ░░░░░░░░ this is as I ░░░░░░░░ I it s blockchain ░░░░░░░░ s crypto it s ░░░░░░░░ reality This is tech ░░░░░░░░ on steroids What about ░░░░░░░░ losers here Mariana mean ░░░░░░░░ ones are going to ░░░░░░░░ hit the hardest because ░░░░░░░░ I looked through earnings ░░░░░░░░ I know it s ░░░░░░░░ we ve only got ░░░░░░░░ hundred Sixty eight companies ░░░░░░░░ the us and p ░░░░░░░░ hundred but Consumer discretionary ░░░░░░░░ just getting crushed profits ░░░░░░░░ 20 two percent with ░░░░░░░░ down to and a ░░░░░░░░ So is that the ░░░░░░░░ one that s going ░░░░░░░░ take a big hit ░░░░░░░░ these terrorists Well I ░░░░░░░░ not even shirts from ░░░░░░░░ If you look at ░░░░░░░░ care health care is ░░░░░░░░ intensive care and it ░░░░░░░░ been in intensive care ░░░░░░░░ a period of time ░░░░░░░░ expected to say in ░░░░░░░░ care It doesn t ░░░░░░░░ they re don t ░░░░░░░░ in a quarter percent ░░░░░░░░ s true you may ░░░░░░░░ select stocks do well ░░░░░░░░ I think that s ░░░░░░░░ undergoing a major restructuring ░░░░░░░░ staples are undergoing a ░░░░░░░░ restructuring we re finally ░░░░░░░░ how to eat better ░░░░░░░░ that there are not ░░░░░░░░ things in some of ░░░░░░░░ foods So I think ░░░░░░░░ s a major restructuring ░░░░░░░░ Their discretionary is a ░░░░░░░░ of the lotta different ░░░░░░░░ goals You ve got ░░░░░░░░ you ve got home ░░░░░░░░ you ve got retail ░░░░░░░░ I think it ll ░░░░░░░░ a mixed for consumer ░░░░░░░░ What I think we ░░░░░░░░ say is cyclicals versus ░░░░░░░░ will continue to lead ░░░░░░░░ market cyclicals versus defensive ░░░░░░░░ That is a good ░░░░░░░░ to live in always ░░░░░░░░ to speak with you ░░░░░░░░ is century wealth Chief ░░░░░░░░ strategist Marion barry Tells ░░░░░░░░ back to this earnings picture