immediately in the midst of a major restructuring. jumping on board raising from a buy. 8183. a gain of 4%. a few other names in the dow. up arrows. drugs allow banks to my transports tomorrow s services, all down arrows. commodities. ashley: thank you so much. it. tracy: ready we go from here? stocks still significantly cheaper than they were back in 2007 and is a reason to buy. chief economist at first trust joins us now. what is your take on the health of the market and where we are heading? i am happy that the market i down. we never go in this headline. the market was inevitably undervalued. rethink that they could be wort 20,000 even if interest rates g up from here. so, you know, the bottom line i this market is still cheap. it is cheaper today than it was three years ago. we are telling people to buy if we get as sell-off over fears o fed tapering. don t worry about it and wait until the market falls. tracy: what happened with the fed and bernanke. all kinds of mixe
because the market loves gridlock. the market likes it when no party is dominant. that stalemate has produced some mighty bountiful returns in the past 30 years. but when massachusetts stunned the white house, instead of a president who read the papers and said, whoops, let s go conservative, he said, uh-uh, let s go on the attack. let s attack the banks! let s talk about how bad off we are and how it is all the bankers fault. butch of gordon gekkos. the result, a lot of what you saw last week. stock market was blind-sided by that anger, and the owners of the bank stock freaked out. oh, yeah. they were frightened. until that election. it seemed like the banks were going to be allowed to rebuild their capital, off the washington radar screen. most of the guys agreed to change their bonus structures to a more muted level anyway, and suddenly out of nowhere in order to deflect from the massachusetts loss, the bankers were the enemy again, and the nascent rally an incredibly imp
massachusetts. the market rallied well in advance of the results. why did the market rally, because the market loves gridlock. the market likes it when no party is dominant. that stalemate has produced some mighty bountiful returns in the past 30 years. but when massachusetts stunned the white house, instead of3 stock freaked out. oh, yeah. they were frightened. until that election. it seemed like the banks were going to be allowed to rebuild their capital, off the washington radar screen. most of the guys agreed to change their bonus structures to a more muted level anyway, and suddenly out of nowhere in order to deflect from the massachusetts loss, the bankers were the enemy again, and the nascent rally an incredibly important stocks to the market, jpmorgan, goldman sachs, wells fargo, bank of america, evaporated, disappeared, finis, and in that environment you cannot have a broader market rally. it just won t work. can you not have a rally when the white house has decided