Where to Invest Today

" Is this market maybe looking to take a little bit of -- over the long fourth of July weekend well I think it's going to be forced to because of course the markets -- open tomorrow but you should always be ever vigilant and working on your portfolio so if you're looking to add some sparklers. Your portfolio here to help Jud -- market analyst at peak six investments along with Jim -- Fidelity investor editor and chief strategist at adviser investments. Jim are all too familiar with fireworks at either fizzle out or explode to brightly I'm just wondering how you moderated for the portfolio first the macro picture."

" The macro picture is that this is an economy a market that's likely just all over the next couple of months as we begin to really sort out. Economic and earnings reality from stimulus -- our hopes and their dreams I think that we now are basically getting into the cross hairs of what would likely need to be a pullback of ten to 15%. Just on the technicals given that. Magnitude -- velocity of the recent rally we've all enjoyed so I think we give back a little bit before we get going again."

" If that is the big question judges will go to you on this is how much of this is Jim says. Do we need to give back versus how much is already priced in for example the White House is -- on Jared Bernstein confirmed us a few moments ago that we're going to see 10% unemployment most likely in this country a couple of months. And we know that already -- what has the market this price some of this versus how much of it is hasn't gotten right you think."

" All night I think you're you're right -- a lot of it is price then I would I would second a lot of what Jim said in terms -- if if you're looking very attractive. Good place to get any need to market to go down ten or 15%. That's why we're taking a -- time looking at corporate bonds instead of stocks because. I actually think that the S&P can hold around 900 model he had begins as you said it's reasonably fairly priced."

" Yeah I -- the family recipe is either going around 942. Just below 900 right now just one point above 900 Jim. You've got some interesting play here among them you call them firecrackers. -- baby's bottle rockets Roman candles things like that. Let's start with some of your favorite picks right now in the markets."

" We have had such a tremendous runup in oil prices Liz that I think that was a good time for a trader to get. Speculative so I like the pro shares ultra short Dow Jones oil and gas. Symbol DUG basically double the inverse down. On oil and gas and that's where you -- make some interest in money but I counted that. We end that with the powershares. Double ultra tech symbol ROM. Basically a doubling up on of that that technology will continue especially large cap technology needs we'll continue to lead this market higher on days when we get. Those games."

" And then he called the Roman candle in the portfolio the -- agriculture ticker symbol DBA. Obviously commodities pulled back for a little bit there but there's these soft commodities hard boat."

" I like the soft commodities both for their global long term play there's a real. Supply demand issues there that will play itself out but it's also way to heads that. That ultra in -- play on oil and gas of commodities have run up here I don't want to be column my shorts down."

" And then that's the worst way to be -- right tell us judge whether or not you create you agree with that we're going short oil and gas we're going long technology. We thank you I. I think that -- the direction is right when I caution there with what Jim's talking about is remember those are trading instruments they are not buying whole take a look at the FASB FAV. Those -- the financial ones and if you look at the performance they're both negative I'm a year so be careful before you buy these things they're real short term. Trading instruments but I like the idea that the technology could go higher. I like the idea that oil could go lower one of the things we're also looking at is just something like CBS in the medical space I think if somebody's health care stocks. If we get a little bit of stagnation in Washington and they don't give much help here -- I think somebody's health care stocks got a little bit more upside in the."

" To dust you go okay well that that's an interesting point because as you look at say for example CVS it's still not at its 52 week high but it's climbing up their hair done."

" Right exactly and that you know the the fact that it's I'd rather on something that's further away from its 52 week I'm I'm going to make an exception but I'm willing to make an exception with CBS. Particularly because I think as we said adding the overall market could stay here CVS also is not just a a drugstore anymore number they have account mark franchise there. Which is the pharmacy benefit benefit management NAFTA thing I think could you know -- may be a little bit underpriced for fear out what's going to happen out of Washington."

" Let me go back to give on that point of oil prices we just closed on the nymex down two dollars 62 cents a barrel today self. You know the closing price was 6669. For oil futures on the nymex that and you see the after hours or 6671. So. That you know we've come off now the highs a little bit here how significant of a move downward do you think we could see from from this that point in the mid sixties."

" I think we could see that that ten to 15%. Moved down in oil prices after all they basically. Priced into perfection is believed that stabilization. In our economy in the global economy is in fact occurring. I think we're going to have so hard reality check over the next few weeks that will push that price down."

" You know I am I the only one who's confused by this week at a dismal jobs number we know that people are hurting yet Apple sells. More than a million brand new iphones and I'm just wondering as we as we finish up -- Judd. What are we missing something because obviously. People are hurting yet they still have discretionary income of their spend."

" Right one -- I think you and I talked about it before couple months ago you saw greater earnings at a Best Buy -- it's like where people getting the money. To buy flat screen TV so back to hear a you know the original point in the beginning. That may be one of the things where it's everything's all relative it's a million iphones maybe people needed it to be a million and a half or something like that self. You know they're still they're still pockets of little green shoots or whatever it is they're saying out of Washington in terms of what people are spending not judge -- have a lovely holiday thank you so much for being here with us. Thank god Liz thank you to."