'ENJOY THE RIDE HIGHER': Strategist fires back at market naysayers

THOUGHT I'D RUN THROUGH THE END OF TOWN. >> HE DOES A LOT OF RUNNING, LOOK AT THAT MAN. CHIEF STRATEGIST MARKET STRATEGIST, PHIL, HERE IS WHAT I THOUGHT WAS INTERESTING. UNLIKE THE SEARCH THAT BEGAN EARLIER, WE SOLD OFF BEGINNING OF THE YEAR AND THEN VEGAS LIKE INTO EARNINGS SEASON. THIS EARNINGS SEASON WENT DOWN INITIALLY. WHAT WAS IT ABOUT MIDWAY SO FAR THAT CONVINCED FOLKS AT THIS IS THE REAL DEAL? >> THE PANIC OF HEADLINES WHETHER IT'S THE FED HIKE RATES, PEOPLE REALIZE YOU LOOKING AT THE GREATEST EARNINGS CYCLE OF THEIR LIFETIMES. FORGET TOPLINE OWNERS, BUT IF YOU LOOK AT THE MARGINS BETWEEN 12 AND 15%, THAT'S DOUBLE. >> HALF OF THAT IS GOOGLE. >> LET'S TAKE THE ENTIRE AI TRADE OFF 12 AND A HALF%. THE ENTIRE EARNINGS CYCLE IS STILL 32%, SO GO FOR IT. ENJOY IT BECAUSE YOU'RE LOOKING AT -- YOU NEED EARNINGS IN THE PE RIGHT NOW IS 20. TWENTY-TWO, 23, SO IT'S NOT INEXPENSIVE BUT NOT EXPENSIVE AND EARNINGS SEASON SUGGESTS YOU SHOULD OWN STOCKS NOW. >> LAST WEEK WAS GREAT, AND FROM ALMOST EVERYTHING, THE NASDAQ AND S&P, HIGH YIELD BONDS, IT WAS PRETTY GOOD. HERE IS THE THING THAT'S INTERESTING IS VOLUME. NO MATTER WHAT ASSET CLASS, IT FEELS LIKE SOMETHING IS MISSING, KNOWING THAT INVESTORS. >> LET'S NOT FORGET SEASONALITY MARKETS MATTER, AND WHEN THERE IS LACK OF CONVICTION BECAUSE WHETHER IT IS BECAUSE EVERYDAY IS A NEW TORY, IS A HIKE LAST WEEK AND NOW IT'S NOT WHAT YOU HEAR NAYSAYERS AND HIKES COMING WHICH IS NONSENSE TO ME SOME EXTENT WITH SUMMERTIME GOING BACK TO SCHOOL AND PEOPLE ON VACATION -- >> SO IS NOT STUFFED. I SHOULDN'T READ TOO DEEP INTO IT. GOLD IS OVER THERE. >> YES, DON'T READ INTO IT. >> LAST TIME YOU WERE ON, YOU GAVE US MEM, WHAT'S GOING ON THERE? >> SUPER CYCLE GLOBALLY AND GOLD IS GETTING CAUGHT UP. GOLD IS NOT SOMETHING YOU USE FOR A LOT OF STUFF BUT THE FED IS HELPING IN THE REST OF THE WORLD STARTS TO NEED A DEMAND FOR POWER AND WE KEEP -- LOOK AT THE EARNINGS ON THE ENERGY SECTOR, 125% IS TELLING YOU ALL THAT YOU NEED TO MAKE IS A GREAT PLACE TO BE. >> LET'S TALK ABOUT THE STATE OF THE ECONOMY, THE JOBS REPORT, MANUFACTURING DATA IS PHENOMENAL AND INFLATION IS BETTER-THAN-EXPECTED THE CONSUMER SOMEHOW KEEPS COMING. >> BACK TO SCHOOL SPENDING IS EXPECTED TO BE 48 BILLING DOLLARS, $835 A FAMILY, THE HIGHEST NUMBER EVER SO DON'T TELL ME THEY ARE MAD ABOUT GAS PRICES. MAYBE NOT THAT THEY ARE NOT SPENDING. IF YOU LOOK AT THINGS LIKE RENT THAT HAS COME DOWN, WHAT'S CAUSING INFLATION IS INSURANCE COSTS MUCH HIGHER, BUT IS NOT FOOD. FOOD IS FLAT TWO AND A HALF% YEAR-OVER-YEAR SO IS NOT THE ANIMAL WE EXPECTED AND IT IS SUBJECTIVE WE CAN SAY THAT IF YOU INCLUDE GAS IS NOT AN ISSUE. KEVIN PORCHE IS SAYING HOLD ON. MANUFACTURING IS THE MOST EXCITING STORY, WE ARE HAVING MUNSON WITH EXPANSION AND MANUFACTURING AND HASN'T HAPPENED IN THREE YEARS. THE ONE BIG BEAUTIFUL BILL, $2 TRILLION INTO THE MARKET, WHICH IS EXCITING AND JOBS IN A NO FIRE AND NO FIRE WORLD. >> AND TOOK OUT 53000 JOBS, WHICH IS WORTHY OF ADMINISTRATION IS TRYING TO DO IN THE TWO LOWEST PAYING AREAS AND OTHER LOW SKILLS FOR EDUCATIONAL AREAS THAT WOULD TAKE MORE. I JUST MENTIONED A REPORT THIS WEEK SO THE AUDIENCE KNOWS, THEY CLOSE ON FRIDAY, 890. TODAY'S RANGE 937 TO 824, IT'S ONE DAY WITH 110 POINTS SO THIS IS A NAME YOU LIKE BUT YOU HAVE TO BUCKLE UP. >> THE REASON I LIKE IT, IT DEPENDS ON WHAT YOU BELIEVE. IT'S A I SPEND IS OVER, AND DON'T BUY THIS STOCK. IF YOU THINK IT'S THE BEGINNING OF ALL YOU NEED FOR DATA CENTERS, INCLUDING FIBEROPTICS -- >> BEAUTIFUL BOUNCE OFF. >> IS A GREAT COMMUNITY. THIRTY, 40, 50% EARNINGS GROWTH. ONE 100%. SOME ANALYSTS HAVE IT AT 160, SO THE COMPANY WITH PICKS AND SHOVELS OF AI. WE NEED MORE DATA CENTERS AND WANT COMPUTE AND PUT LEGISLATION ASIDE, IF THE COMPANY YOU NEED TO OWN. >> WE ARE GOING TO SKIP THAT CHART BECAUSE I WANT TO GO -- YOU LIKE AMAZON AND RTX AND YOU HAVE REITERATED, THIS IS A BEAUTIFUL BREAKOUT BY THE WAY. I WANT TO GIVE YOU PROPS BECAUSE THE LAST TIME WERE ON, APPLE REPORTED THEY ARE THE NEXT. YOU TOLD INVESTORS TO STAY AWAY, SOMETHING WASN'T RIGHT, IN ITS PULL BACK A LOT, IT WAS AROUND 330, 335 AND NOW A CELL ON JEFFRIES. WE ARE SEEING A DISTINGUISHING MAG SEVEN AND ALL THESE NAMES, IT'S NO LONGER ONE TRADE BUT THEY ARE IDENTIFIED INDIVIDUALLY. >> WHEN THE COST OF GOODS MORE EXPENSIVE AND THE CONSUMER IS MORE FRUGAL, THEY GET PUNISHED AND IT'S THE TRADE-OFF ITSELF, NVIDIA STUCK IN A TRADING RANGE FOR THE BETTER PART OF THE YEAR END MICROSOFT FINALLY BROKE OUT AFTER ABOUT 12 MONTHS SO IT'S ENORMOUS, THE MOVE FUNDAMENTALLY IS SOMETHING THE MEDIC HAS TO HAPPEN AND IT'S