THE RECORD ROLE FOR IF STOCK

MARKET CONTINUES THIS WEEK.

INCREDIBLE UNCHARTERED HIGHS

HIGHLIGHTED BY THE DOW JONES

INDUSTRIAL AVERAGE CRACKING THE

25,000 MARK FOR THE FIRST TIME

BLACK CONTINUE THIS YEAR OR

SHOULD WE EXPECT A CORRECTION.

WITH MORE NOW WE HAVE JASON AND

RALPH, DIRECTOR OF TECHNICAL

PROGRAM.

GOOD TO SEE YOU BOTH.

THANK YOU FOR JOINING US.

RALPH, A REAL HONOR TO HAVE YOU

AS YOU WERE REALLY ONE OF THE

ORIGINALS OF THIS PROGRAM, "WALL

STREET WEEK."

HOW ARE YOU DOING, RALPH?

>> DOING FINE.

AND YOU'RE DOING A GREAT JOB.

I KNOW LOU WOULD BE VERY VERY

HAPPY WITH WHAT YOU'RE DOING

WITH HIS OLD SHOW.

CONGRATULATIONS.

MARIA: YOU AND I GO BACK A LONG

TIME AND I GOT TO GIVE YOU KUDOS

HERE.

IT ALL STARTED IN JUNE OF 1995

WITH YOUR 578-PAGE REPORT

ENTITLED "DOW 7,000".

YOU CALLED DOW 7,000 WHEN THE

DOW WAS AT 4,000.

A LOT OF PEOPLE SAID HE'S NUTS.

I DON'T BELIEVE IT.

WE GOT THERE, SIX MONTHS LATER

YOU RAISED YOUR TARGET TO DOW 10

NOWS.

YOU WERE SO RIGHT.

YOUR FIRM GAVE YOU A LITTLE RED

CORVETTE.

YOU TOOK ME FOR A RIDE IN THAT

CAR.

I REMEMBER.

>> YES, WE DID.

WE WENT DOWN BROADWAY.

MARIA: SINCE YOU PREDICTED DOW 4

DOW 25,000 WHICH WE REACHED THIS

>> YES, I THINK SO.

IN FACT, MY VERY SHORT TERM

TARGET WHEN I DID IT A COUPLE OF

WEEKS AGO WAS 25,900.

I THINK THAT'S A GIVEN.

BUT MY SECONDARY TARGET FOR THIS

YEAR, MARIA, IS 28,700.

I THINK THAT'S VERY DOABLE.

MARIA: WHY?

WHAT TO YOU SEE OUT THERE THAT

MAKES YOU SO BULLISH?

>> THAT'S A GREAT QUESTION.

IT'S NOT WHAT'S HAPPENED IN THE

IT'S WHAT'S HAPPENED IN THE LAST

HALF, THE SECOND HALF OF 2017.

MARIA, IT WAS SUCH SECTOR

ROTATION, SO POWERFUL AND SO

IMPRESSIVE, MONEY COMING BACK

IMPRESSED.

MARIA: JASON, YOU HAVE ONE OF

THE BEST RESEARCHER

THE BEST RESEARCH SHOPS ON THE

STREET.

HOW DO YOU SEE ?

IT?

>> I AGREE WITH RALPH.

AN OLD FRIEND.

GOOD TO SEE YOU.

IN SOME WAYS I THINK WE'RE JUST

BEGINNING -- A LOT OF PEOPLE

THINK THIS MIGHT BE THE END OF

THE BUSINESS CYCLE GIVEN HOW

LONG THE EXPANSION HAS BEEN.

BUT IN SOME WAYS IT'S JUST THE

BEBEGINNING BECAUSE I THINK

CENTRAL BANKS, WHILE THEY WERE

HELPFUL AT THE BEGINNING WOUND

UP GETTING IN THE WAY AT THE

END.

AND I BELIEVE THERE ARE PEOPLE

THAT ARE PO O-POOING THE TAX

CUT.

PERSONALLY I THINK IT'S GOING TO

AVERAGE PERSON THAT PAYS TAXES.

AND I ALSO THINK FOR BUSINESS

INVESTMENTS.

WE'RE JUST GETTING STARTED.

CHRONOLOGICALLY IT SEEMS QUITE

OLD.

IN MY OPINION WE'RE JUST GETTING

GOING.

AND I ALSO AGREE WITH RALPH.

I THINK YOU'RE GOING TO

ZEROATION INTO THE MORE

ENCYCLICAL VALUE ORIENTED

SECTORS OF THE MARKET.

MARIA: I THINK YOU MAKE A GOOD

REALLY IN THE LAST EIGHT YEARS

WAS REALLY DO TO EASY MONETARY

POLICY.

THERE REALLY WEREN'T A LOT OF

MARKET.

BUT THIS TIME, THIS YEAR WE SEE

RATES BEGINNING TO GO UP.

SO MONETARY POLICY IS TAKEN AWAY

AND NOW WE'VE GOT FISCAL POLICY

DRIVING THE BUCK.

>> AND THE NET RESULT OF THAT --

THE OVERALL MARKET MIGHT NOT DO

AS WELL AS IT HAS, LET'S SEE,

LAST YEAR.

BUT THE OPPORTUNITIES TO MAKE

I THINK IT'S MUCH BETTER FOR

ACTIVE MANAGERS BECAUSE THERE'S

GOING TO BE GREATER DISPERSION

OF RETURNS.

AND I THINK YOU'RE GOING TO SEE

STRONGER COMPANIES CONSOLIDATING

A LOT OF THE WEAKER COMPANIES AS

INTEREST RATES RISE.

MARIA: WHAT ABOUT THAT RALPH?

HOW DO YOU MAKE MONEY IN THIS

JASON JUST SAID.

YOU KNOW WHAT, JASON, CORRECT ME

IF I'M WRONG.

I THINK THE MARKET IS LOOKING

BEYOND THE NEXT QUARTER OR TWO.

I THINK IT'S LOOKING OUT INTO

THE END OF THIS YEAR AND PERHAPS

EVEN INTO 2019.

IT'S A LONG TERM VIEW THAT THE

MARKET IS TAKING.

YOU KNOW, THE LIFELINE OF THE

BULL MARKET THAT HAD IN THE LATE

'90s, MARIA, WAS LOW

THAT'S THE FERTILE GROUND FOR

THIS.

I LOVE WHAT JASON SHAD TO SAY.

IT KIND OF FITS IN WITH MY LONG

TERM FEELING.

AS FAR AS BUYING ANYTHING, I

WOULD LOOK AT STOCKS THAT

HAVEN'T PERFORMED, LIKE

EXXONMOBIL, BIG BLUE CHIP DOW

STOCK, HALL BURTON, A DRILLING

STRENGTH IN ENERGY.

BANKING STOCKS.

I THINK IT'S JUST STARTING FOR

COMPANIES LIKE CITI GROUP AND

BANK OF AMERICA.

MARIA: YOU MAKE A GREAT POINT.

IT'S BEEN A LOT OF TECH THAT'S

BEEN LEADING HERE.

>> SO I THINK PEOPLE -- WHEN

ECONOMIC GROWTH IS RELATIVELY

LOW, PEOPLE WOULD PAY UP FOR

GROWTH, EARNINGS GROWTH AND

ECONOMIC GROWTH.

NOW THAT ECONOMIC GROWTH WILL BE

MORE DIFFUSE, MORE APPARENT, I

THINK INVESTORS WILL FIND GROWTH

WITH RALPH.

I THINK ENERGY AND FINANCIALS IN

PARTICULAR ARE TWO GREAT PLACE

TO LOOK FOR FINANCIAL BENEFIT A

LOT FROM REGULATORY REFORMS AND

SO I THINK THE OUTLOOK IS QUITE