1. 4 hang seng was up, and the kospi up in europe, things are relatively flat. Dax is down. And the cac is weaker. Crude oil prices on a tear this morning it is up again with wti trading. Can i say hello to everybody. We havent been all together awhile, kind of nice comfortable pair of loafers im wearing sneakers today. Theyre more comfortable than loafers. I dont feel like you have to do much to look better i can come in. Sneakers and no socks this is like sweatpants, when seinfeld wears sweatpants, youve given up. Let get you to the morning headlines. Heres whats going on in Corporate News peltz fighting for a board seat at prak tore and gamble. Theyll launch a proxy battle. Hear about it within moments my expectation is hear about it coming across the sec with a filing in a moment the move would make p and g the largest to face a proxy contest. Last week they rejected the request to name mr. Pelts a board member he is one of the biggest shareholders, second biggest roughly holding 3. 3 billion worth of p and g stock they agree on some steps, cost cutting, management restructuring. Isnt seeking breakup of the company thus far in this instance seeking one board seat and mr. Pelts suggested that if in fact you want a seat, you wouldnt be replacing somebody, he would then say add another seat back to the board he is trying to do this in the frie friendliest way. We have seen how a friendly mr. Pelts can turn less friendly if numbers dont work out the way they are at the moment, he is very supportive going to talk about amazon it is working on its own messaging app, called any time according to report from aftv news would focus on messaging, voice, video calls and photo sharing, give users ability to apply filters to pictures and videos it is an effort to take on messaging apps like Facebook Messenger. Whats your thought about that, joseph did you run into bezos out there, he looked all muscular, has the high and tight hairstyle. There was a tweet made its way around with a picture from 10, 12, 15 years ago, he looked different. He didnt have a personal trainer back then. His hair is different. And it said i sell books right next to it, theres a picture of him all jacked with the sunglasses on, i sell whatever the f i want. I sell books, next to it, i sell whatever but it is amazing. He does sell whatever he wants. He totally got a trainer or something. He looks good he looks great. He is the richest man in the world. I thought he was approaching the richest. Now officially this morning i got out of the shower, Still Standing there in a towel. I ordered three things off amazon in the space of 60 seconds. Boom, boom, boom can we go back. The reason i thought that, used to write these stories someday in the future people will be shopping from living rooms in their underwear i was shopping in a towel in 60 seconds in the bathroom because i ran out of shampoo, needed that, realize i need socks for kyle and organic baby food about 4 00 in the morning maybe. Whose in audio. You have the turtle sound . If i say i got out of the shower and i was just wrapped in a towel, you hear they would play that disgusting mating but you its different you dont have that button dont know where it is isnt it labeled let me try it again. I got out of the shower. Buck naked thank you. Lets finish up a little of the news this last story just a little bit cue the turtle sound no okay a little of whats going on on the agenda this morning, have it on the list for you. Results from nine dow components when 60 companies in the s p, netflix out, and later this week, bank of america, goldman, sachs, j and j, morgan stanley, american express, microsoft, visa, General Electric see if there are earnings calls like jamie dimons great conversations about whats going on in washington as to the economic data, monthly Empire Manufacturing survey out today. Tomorrow, import prices in home builder survey wednesday, housing starts. Thursday look for the philly fed survey. Unilever advice with who are mel to buy reckitt barrens thinks whirlpool could gain 35 they say the stock is a bargain priced at 192. And posting record 10. 4 jump in vehicle sales. The rise in part to well timed china suv launch and renewed push in iran big story for me, im early on a lot of things. Some things i dont want to be early on im early on the bacon craze pushes up pork belly prices 80 . You know why theres nothing bacon doesnt go with talking ice cream. Remember you were upset about bacon and the chinese. Early america first, antiglobalist shouldnt be cornering the bacon market. Who is getting the margin i dont know what happens happened it is mostly demand based. A lot of people arent as worried about fat as they used to be. Protein diet youre allowed to eat some of that. I havent eaten anything in two weeks. Looking good. It is done wednesday. Scarsdale. You remember, like i say, someone killed that guy. Talking about the doctor. Someone said you know what, its horrible. All of that grapefruit juice crappy toast that low carb toast. I have coffee. The worst is when you have to have fruit for lunch almond milk could not have been on the original scarsdale diet it wasnt around. When you go off this, theres like a two week bridge not getting much better and then go back on it supposedly, but you realize i dont always need tote titos with cheese, dont always need these things you can have whenever you want. Biggest thing i found your husband is wasting, goes down the drain better watch it in the shower. Biggest thing is not snacking i agree my typical life is grazing there are so many good things. Dont try that, look at these pretzels you know whats good, american cheese on a pretzel. Have you tried that . Ever heard of cheese on a pretzel . Were going to graze on politics this is our own pantry. Senate republicans are delaying action on the Health Care Bill as senator john mccain is recovering from surgery. We have some of the action from the weekend. Good morning. John mccain having surgery to remove a blood clot over his left eye not clear how long he will be out. It is clear that will effect the timing of the Senate Health care vote republicans have 52 senators, two senators who are opposed to the measure publicly, that means they dont have room for error whatsoever need john mccains vote, presuming he would be a yes. Theyre going to delay things. Wait and see how long it takes john mccain to recover from surgery. Rand paul, one of two senators who is opposing the bill says that could be bad for long term prospects of the legislation heres what he said. I think the longer the bill is out there, the more conservative republicans discover it is not repeal. And everybody will discover it keeps the fundamental flaw of obamaca obamacare. Meanwhile, conversation continues about donald trump jr. s meeting with russian attorney jay sekulow, the president s lawyer was on television over the weekend talking about the meeting. Said the president was unaware of the meeting said no specific statute was violated by the meeting. Also said if the meeting was such a bad thing, secret service would have prevented it. I wonder why the secret service if this was nefarious, why the secret Service Allowed these people in. The president had secret Service Protection at that point, that raised a question with me. After that, secret service put out a statement saying in fact donald trump jr. Did not have secret Service Protection at the time of that meeting, so they would not have vetted anybody that would have gone to meet with him at trump tower so thats where we stand as the week begins today, the president wants to focus on made in america agenda, having an event on the south lawn, spotlighting products made in all 50 states as the white house continues to roll out theme weeks this is going to be made in america week the other news i read over the weekend was that, in fact, the administration has its act together on its tax plan, more than has been reported thus far. They told us they have, but theres some kept sichl, now we may have it. There was criticism when they released a one pager months ago, that was the extent of what the plan was as i have been talking to officials at the white house, they say theyre carefully going and vetting all of this on capitol hill before they roll out the official plan. The reason being they dont want to do a repeat of the Health Care Debacle where they couldnt ge the bill passed, they didnt understand who was for which elements of it, who was against. They want to be sure they have all of that buttoned down on capitol hill before they push forward with a tax bill later this year. They say they can get it done by end of the year, we will see if votes are there. Great to see you. Lets get back to broader markets, hitting up a piece i saw this morning here it is joining us, chief investment strategist at Raymond James, and northwestern chief investment strategist the article says stock market poised to ride stellar earnings to more new highs. I think thats partly what we have seen, jeff south, that there are good feelings about this upcoming earnings season and what we have seen,and thats why the markets are trading at new highs almost every day. Is this one of the sell the news things, good news about earnings already in the marker . What a run it has been on the first half of the year yeah. It has been quite spectacular. Two dow theory buy theories. I told the story to brian sullivan, in the book reminiscence of a stock operator people wanted to know what to do, would ask him what they should do. He would turn to the side and say you know, it is a bull market thats all investors need to know, probably has years left to run. He lost all his money and committed suicide, didnt he no. I thought what happened to Jessie Livermore thought he did Jessie Livermore lost his money and took his life. I dont know. Im looking for a better ending for me and all the viewers that is a great book market advances as far as it can. With as few people believing it as possible. Andrew here every day helping us the train now, how far does it go how far south. Washington washington is it. Right now it is not in georgia. Youre in south jersey like so many people, youre going to be right sooner or later. You throwing in the towel. Tell me what youre doing. You know the greatest thing i saw you tweeted to somebody mad for the piece you wrote. Yes. Andrew wrote a 2,000 word article how the market sucked and was going to go down because of trump minute he said that, andrew said you didnt read the article. I said at the end conventional wisdom might be wrong. 2,000 words this will happen, and one sentence maybe this isnt going to happen, thinks he is covering it that does not cover the bases. Using 2,000 words why it is going down, one sentence about conventional wisdom, that doesnt mean you were right. Thats a longer conversation. But i read that the poor guy yelled at him, i guess you didnt read the article. Only the top of the article said what the conventional, doing what the conventional wisdom, maybe it was wrong that was the purpose of the article. Were you the guy tweeting him . Hold on youre mr. Frog or whatever the guys name is . No. Twitter guy called mr. Frog or something no. Im not i am actual squawk. I have friends that thought that was me. Following that person the whole time. At least he tweets occasionally trends good morning. I have had cheese on a pretzel before it is good. Like a cracker it is great they make Cheddar Cheese filled crackers. They make those. Those are good so fattening you might be able to have one per day. Brent, tell me whether earnings will be good enough to continue this upward momentum i believe so i agree with jeff, i think we have room left to run. I think it takes a recession to knock the u. S. Market down i dont see one of those on the horizon any time soon. I think the Economic Cycle if you look out to have something to recess, you have to have something to excess doesnt appear theres much in excess so i put this economic recovery into context by suggesting that everything that people think will happen from a textbook perspective will eventually happen it takes longer to get there because the scars were so deep, people we hafd in a restrained way and had policy geared toward making the world safer, some could argue slowed down growth i believe theres room left in the tank for the u. S. Economy and u. S. Market to continue to move higher. Made that point last week, if you look at everything at face value, good jobs number but no wage gains wage gains, near term it takes away some worry about Profit Margins being squeezed as wages start to go up suddenly the ten year looked like it was on the way to 2. 5. Again after that falls back down at 2 30 low rates, low inflation. Jeff, it is hard to look at this stuff if youre a simple ton, you would say things look good, i should buy, if you dont get too complicated. Yeah. I think people overanalyze and overthink the situation, not many of us arntd that have seen a secular bull market, last 14, 16 years i think people are would he fully underinvesting probably right. Number one, were scared to buy during the election. We thought there would be trade wars or whatever then goes up and up, and people cant buy now. Thats what they say, i cant buy now, already moved too far right one of the biggest questions is how to prepare im sorry. I was going to say one of the biggest questions is how to prepare for the next downturn. If you look at the aai bullish sentiment survey, we nochd the 32nd week of bulls which is a record back to 1987 when low bullish sentiment is out there and the economy is doing well, you have equity market gains in the next 12 months, expect that to continue. Hard to argue the market is cheap. In the short term doesnt make a lot of difference. You should get to a tv, stay where you are. Tech analyst, did she say august increasingly significant chance for pull back in august does think thats the case standing by long term target which is higher from here. Thank you both. Appreciate it. When we come back, a beloved cartoon bear has reportedly been black listed in china. We will tell you why next. It is winniethepooh. And Monkey Business at the Box Office Weekend movie score card straight ahead squawk box will be right back. We, the people, are tired of being surprised with extra monthly fees. We want hd. And every box and dvr. All included. Because we dont like surprises. Yeah. Like changing up the celebrity at the end to someone more handsome. And talented. Really. And british. Switch from cable to directv. Get 4 rooms with hd, dvr, and every box included for 25 a month. If only the signs were as obvious when you trade. Fidelitys active trader pro can help you find smarter entry and exit points and can help protect your potential profits. Fidelity where smarter investors will always be. Welcome back, everybody. Winniethepooh has reportedly been black listed in china reporting the cartoon bear was blacked out from chinese social media ahead of the countrys 19th communist Party Congress this fall. No official explanation was given, but the ft decided observers that said the crackdown may be related to past comparisons of the president to the fictional bear those comparisons began in 2013 during the chinese leaders visit with president obama a photo of the president next to a picture of winniethepooh, the most censored image of 2015. Cut out a little. The arms, if you have a bigger picture, the arms are identical, the way theyre swinging on both gentlemen. Look at what joe is holding. Cover of the fp it shows that. The height difference is sort of the same and the expression. I dont know the legs are in mid step look at the president s right leg and tiggers right leg it is so close the funny thing is the idea of complaining and saying we wanted it blocked, never heard of this until today. I know. Calls attention to it, now we all know about it. Thats sort of like seems minor for a guy of his stature. Wouldnt Pay Attention to some of these things. Right although being on a diet, poo is pudgy, so i can see where maybe you dont want to look like pooh. You also want to swing and have your entire nation ban the image. Tigger is thin. Lean and mean. And president obama doesnt hate this comparison, tall, thin. Id take it you wouldnt mind being sure. Lions, tigers. Great story. And im with ann coulter on this i wasnt going to say it. Immediately what i thought of when i saw this,it was delta when you said i dont know if you know who i am, delta, but i better get this fricking seat, or youre going to have hell to pay with my million twitter followers. You did say it i did not you tweeted tell the ann coulter story, tell the sore kin story later. I did not threaten anybody. I saw your tweets what did you tweet. Years ago. Only about a year ago years ago they told me to tweet at the service people. I wrote them and said please dm me direct message me. The way you said dm me or youre going to have hell to pay. I did not say that. Dm or youre the sorriest mfs. I didnt say that said better to keep it as a private matter, dm me. I think you said if you would like to keep it a private matter i didnt say if i read this, i thought for her to get i thought she had more important issues to stand up for this is all about her and about how much money are we talking about. Conservative author ann coulter has a bone to pick with Delta Airlines over the weekend on a flight from laguardia to west palm beach, florida reassigned from aisle to window seat, she railed against them on twitter, calling them the worst in america she took a picture delta said it will refund colter the 30 that she paid for the preferred seat and called tweets about other customers unacceptable and unnecessary. She took a picture. Someone said this other individual got your more room seat because of for a reason. She took a picture of the poor woman, said this woman was not fat, large, she was not there is no reason for her to get it instead of me. Youre with her though from your past history. There were things she wrote on twitter i thought went too far. If you get an assigned seat and pay the extra for the seat, you should have the seat, and if you dont have the seat, they should give you more than just the money. First of all should give you the money back and move you if thats the case but do it in the nicest way. There are times we had seats switched around. For the family. Left a fiveyearold in the back i dont know why the other passenger was moved around. Then they have to try to accommodate you. Hell