Optimism. Keep in mind, folks we currently have tariffs on 360 billion in chinese foods. Reality this rally is based on a strong economy, strong earnings. By the way it is also my birthday today. The question, is there more room to the upside . President trump is weighing in on the surging market which doesnt appear impacted by impeachment hearings as we approach dow 28,000. Another record stock market. 21 times this year, despite ongoing, totally unfounded witchhunt and a Democrat Party would love to see a nice big juicy recession, in actuality the potential for the United States is unlimited. We will power through the do nothing dems. I do agree. Our potential is unlimited. I want to bring in to discuss this sure vest president , rob luna, Kingsview Wealth Management cio scott martin. Let me start with you. I was saying the other day last week when we got the Consumer Sentiment number out, were not past where we were in january of 2000. If we ever get through there as a nation, really, got more optimistic, i believe the sky is the limit. For now, a lot of people are shocked the dow is knocking on the door of 28,000 . It is unbelievable alltime highs. Now i know why. Happy birthday, charles. Here to celebrate your birthday. I completely agree. I heard you talking about the consumer. The great thing, this economy while there is confidence, consumer is out there spending theyre not borrowing, getting out like you said beyond their skis. It is very, very cognizantly done. Theyre not spending on things they cant afford with Additional Debt this is a very strong economy. I think market is reflective of that. Not only consumer saying, look at valuations s p is not trading 30, 40, times earnings either. This is very smart what is going on by the consumer. The market is taking it exactly how it should be on a day like today. Charles one of the headlines, major Money Managers are pouring money into the market. Cash levels dropped precipitously. Cash levels not seen in years, perhaps decades. Weve all been in it. New highs begat new highs. In part because the bigtime folks supposed to be making money in the market have to finally get in. Fomo is setting in. Robs right. That is a good thing for a while. Eventually that does run out. To even robs point, i hate to be so in agreement with him but that is true, market not tearily expensive. Rates so low. Opportunity with respect how companies are reinvesting in their businesses. Theyre getting capital very cheaply. There is a lot to be excited about. Dont forget, historically this is good time of year for markets. I will hope not sound terribly outlandish, nobody said this yet well have record sales for black friday coming up later this month, record Holiday Shopping season. My guess stocks continue to feed the fire as we go into the end of the year. Charles rob, are you concerned about leadership for the dow . The dow is only 30 stocks to begin with but you have got a handful of names being at bulk of rally. Apple, top of the list, home depot, united technology, jpmorgan and boeing. You can imagine if they did not have the issues with the 737 max. Are you concerned leadership is narrow at least when it comes to the dow . Dow is only 30 stocks as you know, charles. I think the market has been relatively healthy. Weve seen rotations throughout the year, in sectors that underperformed out of outperform. Im not certained about that. Names have done poorly like lyft. That stock is up 4 . People are being selective. I would characterize this as a pretty smart market. People are looking for value. Indexes are not extremely cheap. There are names people can buy out there. That is what youre seeing on down days, people rotate into the names. Im not concerned about us getting frothy in select group of names. Charles we know how we feel when we get on autopilot. In 2017 we were on autopilot almost every single day. We anticipated new highs t wasnt unusual to wake up to see the market futures higher. In 2018 as earnings were hitting an alltime record all the major indices were down which is sort of confounding to a lot of folks. How do we handicap that going into 2020 . Something to keep in mind for certain. One thing that will help earnings, lets say, failed to fall into deadly trap as we did a couple years ago, well start to see certainty come out of the china trade deal i believe. That is something obviously hurt earnings a bit here and there over the last couple quarters. It certainly hurt guidance. My thought, maybe earnings dont get a quick boost right away from phase one deal with china here in the next couple months but the guidance will definitely get better. That is something too, as you guy both know, despite having great style by the way. Rob luna, i love your tie. Im trying to keep up with you guys. Spending a lot on my style this Holiday Season by the way. The one thing stocks trade on, guys, guidance and expectations. As things clear up with china, that will support the s p five here. Charles rob, oddly enough i think we might have a sell on the rumor kind of thing, when it comes to phase one, for a moment. Not long term. I think scott is right. Maybe okay it is done, now what . We have minute left, less than a minute, how do you handicap it . I agree, charles. Im getting a little bit nervous where were at, not necessarily long term. Going into the end of the year another 10, 12 . Going end of 2020. That being said, we come really far, really fast. Talking about Money Managers trying to play catchup. In the short run that is never a good sign. If youre not in now, i dont know i would back up the truck. Wait for pullbacks, name like disney, probably got a little bit ahead of it seven, it is pulling back. Be selective. Walmart too. Exactly. Charles thank you both very much, rob, scott, two of the best. The markets are hitting alltime highs today, getting help from scuttlebutt on trade. By the way all trade fronts, right . U. S. And china maybe putting the final touches on the phase one agreement. Certainly commerce secretary wilbur ross says there is a very high probability of that happening. Take a listen. Were much farther along in terms of detail. There are calls all the time. Another call today. There is a lot of work being put in on this. This is not a then where people are just sitting around stargazing. People are working quite actively on a realtime basis to try to put this together. Charles and theres news. House Speaker Nancy Pelosi saying that ratification of the usmca trade deal is imminent. For more on this, i want to bring in former trump trade visor curtis ellis. Curtis, i have to be honest with you, there was a time wilbur ross or larry kudlow would talk about the trade deal, guys, dont talk, leave it alone until it is finally done. Look at markets. Forget about the headlines, if you look at markets they believe something major will happen very soon. What you were saying before. The economy is fundamentally strong. Consumer optimism is high. Earnings are good. Small Business Optimism is high. We have a good economy. Wages are rising. That is more money for consumers to spend. Charles conversely chinas economy is not as strong. They had the weakest gdp in 30 years. There is some other cracks in that veneer. When the whole thing began the u. S. Media picked up on the notion they could wait this out 100 years. We obviously know thats not true. Were seeing huge increase on number of defaults on local governments in china. Local governments are overextended. Theyre not paying their contractors or not paying people. Theyre in a bad position over there which again is good news for us. It gives us more negotiating, more leverage. Charles the goal was never to hurt their economy. No. Charles the goal was to get fair trade, fair, unquote, reciprocal trade. Get them stop cheating, open up markets they promised they would but never have. Stop stealing, stop selling drugs in our country. Charles yesterday, nancy pelosi reiterated the usmca trade deal is close. I dont think americans realize how big that is, canada, mexico, how big trading partners. Its a bigger deal than china. Absolutely. That is the thing astounds me. Everybody talks china, china. We do five times more business, export five times more to mexico and canada. You want to see markets jump, get usmca done. That north america will be cemented as a great market, to manufacture, do business et cetera. Charles do you get a sense she is putting finger in the win or watching hearings going yesterday and today, how her sense of urgency . In other words, if they look like they have not gone the democrats way, is that likely she will sign off sooner rather than later . Absolutely right. Also, if they dont get this done, President Trump will be hitting the democrats next year with, i promised i would get out of tpp i did. I promised would i fix nafta. I did. But the democrats wouldnt let me because bill clinton gave you nafta. Now they dont want to fix it. Speaking of President Trump, larry kudlow was speaking today. Of course you know larry kudlow, he didnt come from the same area of thinking as President Trump but he had some interesting comments the way President Trump speaks and nets. Take a listen. Get your thoughts on it. Pleased to read speaker pelosis remarks. They are very optimistic. Ive said all along we had our political differences with the speaker but she has been cooperative and accommodative on usmca working with trade ambassador lighthizer. So i read her remarks very optimistically. Charles that was not the sound bite i was calling for but, we know President Trump speak as certain way. Thats right. Charles we also know that there are a whole lot of folks out there, i got to be honest, i read some financial publications. Even now theyre clinging to theyre orthodoxy, to their belief to the idea that adam smith was, he was an amazing economist and more but that this was still the wrong way to go about this. Yesterday mark cuban was on our network said he had 10 ways we could have resolved this. So interesting an issue hangs around for three decades, everyone has the answers when Everything Else already failed. What do you make of the fact that President Trump has changed the narrative for most people outside of those who are protecting their own lets say egos. Right. That may be his greatest, when the history books are written, that could be his greatest achievement. If we write the history books, history is written by the victors f we win the confrontation with china, our generations rendezvous with destiny. That could go down as President Trumps most significant achievement. Rewriting the orthodoxy, the idea that china is our friend, we go along, get along, everything will be groovy. Charles that you never use tariffs. We both agree you dont use them when you have to. Smith said so. Adam smith said so you use tariffs if the other country is using tariffs. Common sense, if we say we never use tariffs, that gives the other side every reason to use tariffs. Charles curtis, thank you very much. Thank you. Were waiting President Trump. He is coming out right now . Take a listen to President Trump. Its a great honor. The stock market is up big today. Its a new record, i think 22nd time this year. It is over 100 times for the time were in office, we said over 100. I think it is substantially more than 100. Well get the exact number, i know you wouldnt want me to have that wrong. They dont like that but were up over 100 times for the stock market. That means jobs. It Means Companies are moving back into the United States that left. We have many, Many Companies coming back. The employment numbers are at a record. The, or very close and we just got a new number on African American employment is the best its ever been. You can say employment or unemployment, the best numbers they have ever been. Were proud what happened to our economy. A few months ago you were predicting a recession. Perhaps some day there will be a recession but we have a long way to go. The consumer has never been stronger. Well make the consumer stronger yet with transparency because they will get much better pricing at hospitals. We can probably add to number. Median Household Income for president bush eight years was 450. For president obama, for eight years, eight years, think of that, was 975. For President Trump a little over 2 1 2 years, when they did the final number, was 5,000. And they add to that 2,000, thanks to kevin and everybody. Thank you, kevin. Youre behind me someplace, right . Add 2,000 or 2500, kevin. What would you say. Right about there, mr. President. Right there. Lets add 2000. Add 3,000 for regulation. Add something for the energy savings. So you have 10,000. It is 400, 975. Four eight and eight. For 2 1 2 years it is 10,000. Thats not bad but consumer is very powerful. And this is going to make them more powerful. Welcome, everyone. This afternoon we celebrate something im very proud of. Another major victory in our mission to deliver Great Health Care at a price that you can afford. This will have tremendous impact on prices. A certain gentleman who is in the room, who will say couple words, actually said this is more important than health care. When he said that, my ears really perked up. I listened. They were right. They gave me plenty of examples. And that person recently got the president ial medal of freedom. His name is art laffer. And he is a very talented guy. Where is art. Is here . Im sort of short today. [laughter] i didnt see you back there. Stand up here. Great gentleman. You brought a man here who is the king of that world. How are you . Thank you, mr. President. That is the guy. You made that statement to me. More important than health care. That was a big statement. As soon as i heard that. I said that sounds good to me. Transparency. So i signed, as you know, an executive order, historic. And were requiring Price Transparency in health care, forking companies to compete for your business. Its a very important thing that weve done here. I dont think it will be covered by but it will be in the years to come. Our goal was to give patients the knowledge they need about the real price of health care services. They will be able to check them, compare them, go to different locations, so they can shop for the highest quality care at the lowest cost and this is about high quality care. Youre also looking at that. Youre looking at comparisons between talent which is very important, and also looking at costs. Some cases you get the best doctor for the lowest cost. Thats a good thing. Im proud to announce two new actions implementing that order. Percent we are finalizing the rule that will compel hospitals to publish prices publicly online for everyone to see and to compare. So youre able to go online to compare all of the hospitals and doctors and prices and i assume get resumes on doctors and see who you like. The good doctors, like i assume these two guys are fantastic doctors, otherwise you wouldnt be here. The bad doctors, i guess they have to go hide someplace. Maybe they dont do so well, i dont know. If theyre not good, we are more interested in the good ones. Called rewarding talent. Second were putting forward a proposed rule to require Health Insurance providers to disclose their pricing information to consumers. Were giving American Families control of their health care decisions, and freedom to choose that care is right before them on the internet and elsewhere but on the internet. Very, very open an transparent. That is why it is called transparency. That is done on small basis individual hospitals. Art you were telling me at your hospital, you were on the board after hospital. Before we go further i want you to talk about that for a second. Art laffer. Explain that you have to lower it. Sorry about that let me if i can just say i was chairman of the board of centennial hospital. We had some problems but when you look at this, this was the biggest revolution ive seen in, generations. As poe esed to most revolutions this revolution saves lives. It doesnt cost lives and in this revolution it saves money. You dont have to spend money. And what youve seen here before is that we have no transparency whatsoever in medical. It is like the hermit kingdom of industries. You dont know what the price is. You dont know what the outcome is and you dont know what the input are. What this does, it pulls away the veil, allows people to see exactly what they can and what they do and if i can say i think this will lead to to a phenomenal in the u. S. Outcome of employment production. One industry desperately needs it. I will stop here, last i can remember being involved with, Lady Thatcher when she privatized coal, steel and railroads. The changes there were sir keith joseph. This outdoes all those revolutions, sir. Most amazing from all time. It takes real leadership to do it and real practitioners to get it through. Secretary azar is great practitioner. And my buddy Larry Van Horn is a great practitioner as well as larry kudlow. Larry explain what this is that were being sure, mr. President. This is a momentous day. Americans yearoveryear are faced with higher and Higher Health care costs. Facing higher and higher obligation to pay for those out of their own wallets without information about price or quality associated with that. The charges put out are fick tish sure. Nobody pays the charges. This is to make prices transparent. Net allowed amounts drive Decision Making for patients every day are now in their hands. They can make better tradeoffs and hopefully more money in their wallets and paychecks to pay for all the goods and services to live their lives. I appreciate the efforts of the administration to follow through and execute this. We did it max, right . We didnt do smaller max. Aplus. There are versions of this. I dont want the c