Money Life with Chuck Jaffe

With volatility returning to the market and many investors expecting a downturn, Tim Clift, chief investment strategist at Envestnet, said investors should look to rebalance portfolios to protect gains, be opportunistic buyers on dips but to mostly expect the market's volatility to amount to a flat ride through to the end of the year. That would leave 2019 as a double-digit gainer, he noted, so while flat doesn't sound good, holding onto current gains likely will keep investors satisfied, and it leaves room for the market to grow as it heads into the election year. Also on the show, Jimmy Hausberg and Michael Policar of HighTower Advisor discuss alternative investment types and diversifying from traditional allocations, with Hausberg favoring defined-outcome funds while Policar likes core private real estate. Leonard Wright of the American Institute of CPAs discussed investors' current levels of pleasure and pain, and Sandy Villere III of the Villere Funds talked stocks and concentrated portfolios in the Market Call.

In a wide-ranging show, Chuck discusses the world of meat substitutes and the investment potential of the developing market with Arun Daniel, senior fund manager at J.O. Hambro, and he talks about the the potential to make serious money -- and which demographic is doing it -- from the side-gig economy with Kathy Kristof, founder of SideHusl.com. Also on the show, author Chris Dumont talks about how you can 'Kick Some Financial Ass,' while David Goodsell of the Natixis Investment Managers' Center for Investor Insight talks about how market volatility confuses investors.

Wall Street veteran Bob Doll, chief equity strategist at Nuveen Asset Management, said that ths strength of the American consumer means that the economy can hold off a recession until 2021, but he noted that he expects choppy and frustrating markets without recession, and said he worries abut the yield curve if the Federal Reserve has to cut three times and can't make the curve much steeper. Doll -- who also reviewed his forecasts for 2019 on the show -- said investors should be looking to buy the dips but also to trim during the rallies. Also on the show, Jeffrey Cleveland, chief economist at Payden and Rygel, was a bit more optimistic about the economy, though he agreed with Doll about a recession being at least two years off. David Trainer of New Constructs put GoDaddy and Dropbox in the Danger Zone.

Fritz Folts, chief investment strategist at 3Edge Asset management, said the domestic stock market is as overvalued now as it was before the Internet bubble burst in the late 1990s, which is why he has turned defensive in his investment strategy, going near minimum levels on equity allocations and underweight the US in equities -- with his bond allocations heavy on Treasuries but shying away from the credit markets -- as he anticipates an economic slowdown ahead that Federal Reserve rate cuts won't stop. Also on the show, Ben Jones of BMO Global Asset Management talks a change in IRS rules allowing employers to offer lump-sum payouts in exchange for pension liabilities and discusses what factors pensioners should consider before accepting an offer, and Dana D'Auria, portfolio manager at Symmetry Partners talks ETFs and traditional funds as she makes her Money Life debut in an extended Market Call.

Alan McKnight, chief investment officer at Regions Asset Management, said that the economic data shows a slowing economy that needs to respond from Wednesday's Federal Reserve rate cut by showing signs of revenue growth in order for the market rally to continue. Despite danger signs he sees in the market, McKnight noted that America remains the best place to invest, with emerging markets also looknig relatively attractive while Europe and Japan are likely to struggle for the foreseeable future. Also on the show, Tom Lydon of ETFTrends.com made an agricultural-commodity product his ETF of the Week, Catherine Collinson of the Transamerica Center for Retirement Studies discussed the readiness of self-employed workers, and George Putnam III of the Turnaround Letter covered value investing and stocks in the Market Call.

Michael Gayed of the Lead-Lag Report said that the market's reaction to today's anticipated Federal Reserve rate cut could show how long the bull market can continue. He noted that if the Fed steps in but there is no steepening of the yield curve, it's a problem because central-bank actions -- both domestically and abroad -- are not going to normalize long-term bond yields. That's a sign that the bull market is not healthy, Gayed said. Likewise, in the Market Call, Mark Yusko of Morgan Creek Capital Management noted that he is looking to get into the few market areas that are on sale and unloved, and he noted in 'Hold It or Fold It' that he would be leaving momentum in favor of a bear-market fund because of his concerns for the market's health. Also on the show, Michael Policar and Jimmy Hausberg of HighTower Advisors discuss a case of a consumer looking to make an allocation change because the market's health makes them nervous, and Jill Gonzalez of WalletHub talks about how consumers should react to the Capital One data breach.

Joseph Brusuelas, chief economist at RSM, said that the domestic economy is far from falling into a recession, but he noted that the manufacturing sector in the U.S. is nearing a recession and manufacturing globally is already there. 'It seems silly to me,' Bruselas said, 'to think that what is happening in the global economy won't happen in the United States,' which is why expects extended Fed rate cuts to help stave off sowing global conditions through at least the end of next year. Also on the show, Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management, said he hopes the Fed will take a bigger-tna-expected step this week because it's necesary to hold off building inflationary pressures. Plus, Chuck has the Weird Financial News and we revisit a recent chat with Ted Rossman of CreditCards.com.

Brian Levitt, global market strategist for Invesco, said that investors need to overcome their fears to stay invested as the market continues to climb the proverbial wall of worry to new heights. Levitt noted the cycles 'end the same way, with the federal Reserve killing them with interest rate hikes.' With the Fed about to cut rates, Levitt noted that the current cycle could go on 'a lot longer than people expect.' Also on the show, Sara Rutledge of the National Association for Business Economics discusses her group's quarterly survey - released this morning - while Sam McBride puts a popular stock in the 'Danger Zone' and Richard Peterson of MarketPsych Data discusses how investors are feeling and thinking in current market conditions.

Chuck chats with Jim Garnett of the Institute of Consumer Financial Education about the biggest money mistakes ordinary consumer routinely make, covering credit, savings and other issues. Also on the show, Les Masterson, managing editor of Insurance.com discusses how consumers could save money -- or see insurance premiums rise -- based on some common and also some unusual behaviors, and David Blanchflower of Dartmouth College discusses his book 'Not Working: Where Have All the Good Jobs Gone," plus we revisit a recent interview with Martin Pring of Pring Research discussing the market's technical outlook.

Kathy Bostjancic, chief US financial economist, for Oxford Economics USA, said 'It's an unusual and tenuous time for all central banks,' as they look to cut interest rates at a time when there is not much room for cutting and there is still economic growth. Bostjancic expects the Federal Reserve to cut rates three times by January, and still sees plenty of strength in the economy, which she believes is likely to overcome current challenges to stay strong. Also on the show, Tom Lydon of ETFTrends.com talks about a new, specialized real estate ETF in the 'ETF of the Week,' William Delwiche -- investment strategist at Baird -- talks technical analysis, and author Finn Brunton discusses the 'unknown history' of the last century that has led to the evolution in cryptocurrencies. Don't miss his explanation of how some of the most powerful figures in the crypto revolution now leave cryptocurrencies with links to frozen heads!

Laura Geritz, founder and president at Rondure Global Advisors, said the market and the economy are acting in unusual ways, noting that the disconnect between growth and value is oversized, citing concerns about the actions of central banks in lowering rates even as economic activity seems to be growing and more, but she noted that the market is likely to continue pushing higher because investors seem willing to ignore most concerning trends, at least for now. Also on the show, Jimmy Hausberg and Michael Policar of HighTower Advisors discuss risk tolerance and asset allocation changes in current markets, Paula Fleming of the Better Business Bureaus discusses a new scam centered on travel site Expedia.com, and author Agustin Lebron talks about 'The Laws of Trading."

Brad McMillan, chief investment officer at Commonwealth Financial Network, said that while there is the potential for the market to slow down and a recession to happen, the trouble signs he expects to see before those issues have not come up yet, noting that consumer confidence and job growth both remain strong. Also on the show, Thomas Winmill of the Midas Fund said that foreign central-bank purchases of precious metals have helped to make gold particularly attractive right now. Ted Rossman of CreditCards.com discusses the most popular forms of credit-card rewards, and Chuck tells you when or if you might be getting any money from Equifax over the proposed settlement of its 2017 big data breach.

Paul Eitelman, senior multi-asset investment strategist at Russell Investments, said that investors should gravitate towards value stocks while holding tight to their growth names because the market is at an intriguing point, one where the economy is slowing and CEOs have stopped investing but where there is no meltdown because Federal Reserve and Chinese policymakers are injecting stimulus into the market. If that stimulus is damaged by a protracted, deep trade war, however, Eitelman said the market and economy could turn for the worse quickly. Also on the show, David Trainer puts a highly ranked fund in the Danger Zone, Roger Conrad of Conrad's Utility Investor discusses energy, utility and income stocks, and Chuck takes a listener's questions about credit cards and credit scores.

Niladri Mukherjee, head of portfolio strategy, Merrill Lynch and Bank of America Private Bank, said that fund flows -- rather than investor-sentiment measures -- are showing that individuals are too pessimistic right now, pulling billions from equity funds and moving all that money and more into bond funds at a time when the stock market still has room to run and doesn't have imminent signs of impending trouble. Also on the show, Brian Carberry of Apartment Guide discusses the lengths some workers will go -- or not go -- when it comes to mixing their job and their home life, and Brock Moseley of Miracle Mile Advisors talks ETFs and tactical investing in the Market Call.

Albert Meyer of Bastiat Capital is concerned about trade and tariff wars and with the impact of interest rate cuts, but he noted that this is no time to be listening to the 'doomsayers,' suggesting that investors should not be fearful because while the market is highly priced, it's not in particularly dangerous territory. Also on the show, Karl Mills of Jurika, Mills and Kiefer expressed cautious optimism for the market moving forward, noting that nervous investors should be rebalancing and focusing on their allocations rather than looknig to make wholesale changes to a portfolio. Tom Lydon discussed a classic fund as his 'ETF of the Week,' saying investors should make it a big chunk of their portfolio, and Oliver Browne of Credit Card Insider, talked about misconceptions the average consumer has about credit scores.

Nuveen chief investment strategist Brian Nick said he expects the Federal Reserve to cut rates three times, but said the third cut 'won't be necessary,' and is more like 'mid-cycle insurance' to keep the economy humming along. Still, while he sees no threat of imminent recession, Nick suggested that investors get defensive, worry more about their asset allocation than about tactically deploying money, and spend the next few years thinking about how to squeeze income -- rather than total return -- from their portfolio. Also on the show, Collective Wisdom from HighTower Advisors centers around the use of technology in advisory relationships, Chuck talks about how to overcome the financial hoarding tendencies of the 'greatest generation,' and Adam Levin of CyberScout talks about how Amazon Prime days were prime days for scammers, and how consumers should protect themselves from similar frauds.

In answering a question from a listener, Chuck talks about financial challenges that savers can do to help them get out of debt or budget better, noting that coming up with necessary funds to cover emergencies can be done a dollar or five dollars at a time, or by going through a challenge to set aside an extra dollar every week for a year -- so one buck the first week, two the second and so on -- amassing 1,378 dollars in a year. Also on the show, Adrian Garcia of BankRate.com discusses the best states to retire to, author and financial adviser Anthony Delauney discusses 'Owning the Dash,' and value investor Jack Murphy of Levin Easterly Partners makes his debut in the Market Call.

Rob Sharps, head of investments at T. Rowe Price, said the economy is not as deep into the business cycle as many people believe, leaving more time and room for continued growth, yet with substantial weakness outside of the United States and an unresolved trade war and more, he suggested investors rein in their aggressive tendencies in favor of a more neutral and balanced approach. Alo on the show, Matt Hougan of Bitwise Investments gives his take to President Trump's first statements on cryptocurrencies and Bitcoin, Simeon Hyman, global head of investments at ProShares, discussed the pet care industry, and celebrated Amazon Prime Day by discussing the future of retail stores, and Sam McBride of New Constructs put Verint Systems in the Danger Zone.

Veteran technical analyst Martin Pring of Pring Research said he expects the stock market to avoid a recession and keep going much higher, noting that the indicators he follows are almost all 'pointing north' as the market ignores any weakness it sees in the economy. He noted that if bad news can't knock the market down, there's not much out there right now that can. Also on the show, Sheraz Mian, director of research at Zacks Investment Research discussed the upcoming earnings season, which he suggested is likely to beat analyst expectations, plu we rebroadcast a recent chat covering market technicals with Buck Klintworth of Chase Investment Counsel and Keith Gangl of Gradient Investments makes his debut in the Market Call.

Chun Wang, senior analyst at Leuthold Weeded Asset Management, said that his firm's analysis of the market has made the portfolio managers defensive, slightly below neutral on holding stocks, largely because the long-term picture is showing too many negatives, signs that there could be trouble ahead with a significant correction or bear market in the next year or two. Meanwhile, Lindsey Bell of CFRA Research noted that current conditions appear solid, but that second-quarter earnings results will say a lot about whether hte market can avoid a downturn for the rest of the year; she expects those upcoming quarterly numbers to be better-than-anticipated, allowing the market to at least retain current gains for the rest of the year. Also on the show, Tome Lydon of ETF Trends.com talks about an usual precious metals fund, and Jill Gonzalez of WalletHub covers travel credit cards.

Doug Foreman, chief investment strategist at Kayne Anderson Rudnick, said that investors have plenty of reasons to worry about whether the market can hold recent highs, but that if they focus on quality issues, there are plenty of cmopanies worth buying and owning regardless of what the market does next, where investors can buy into strong cash flows and dividend streams that are likely to remain in place even if the market turns for the worse. Also on the show, Cory Bittner and Peter Lang of HighTower Advisors discussed how financial planning helps clients cross the divide from working and accumulating funds to retirement and living off of investments, Izet Elmazi of Bristol Gate Capital Partners discusses how he uses artificial intelligence to help find better investments and manage portfolios, and Jose Rowe of LendingTree discussed a recent MagnifyMoney.com survey on money anxieties.

Markus Schomer, chief economist at Pinebridge Investments, said that while job growth and economic activity are slowing, the anticipated interest rate cuts should reboot business activity and leave the economy at an equilibrium point it can maintain through 2020. Buck Klintworth of Chase Investment Counsel -- while discussing technical analysis rather than the economy -- came to a similar conclusion, noting that while the market is currently 'ahead of itself' and could be due for a short-term setback, declines will be buying opportunities from now through most of the election year, suggesting that investors ignore the noise and instead see the market's potential. Also on the show, Bruce Bond of Innovator ETFs discusses defined-outcome investing, which effectively crosses indexed-annuity products with exchange-traded funds, and Judith Ward of T. Rowe Price discusses a recent survey showing how far behind Baby Boomer women are compared to men when it comes to retirement savings.

A recent study by Fidelity Investments found that money and healthy living are the two greatest concerns that women have, and each often affects the other. Lorna Kapusta from Fidelity said that the surprise in the study was not that 85 percent of women are stressed about finances, but that the high level of stress exists across all age groups of women, meaning that women always feel like they are not doing enough to save and prepare for retirement. Also on the show, Ethan Powell, chief executive officer at Impact Shares, a not-for-profit ETF provider, Sam Mcbride of New Constructs leads a trip to the Danger Zone and the Market Call is a rebroadcast of a recent chat with Michael Roomberg of the Miller-Howard Drillbit-to-Burner.

In a wide-ranging, free-flowing 'no-pants Friday' show, Chuck talks with Tom Lydon of ETFTrends, who makes an innovative new fund his 'ETF of the Week,' he discusses the future of exchange-traded funds and the evolution of more active funds with John Swolfs, chief executive officer at Inside ETFs, he covers one of his favorite topics -- allowances for children -- with Bankrate.com's Ted Rossman, and then chats value investing, the state of the market and international opportunities with Nick Kaiser, chief investment strategist at Saturna Capital.

Christopher Davis, chairman of Davis Advisors and portfolio manager for the Davis Funds, said in the Big Interview that financial companies now represent 'growth stocks in disguise,' and he said the financial sector is positioned to deliver oversized gains for at least the next decade. Also on the show, Peter Lang and Cory Bittner of highTower Advisors discuss the many non-financial ways they interact with clients to achieve life goals as well as financial targets, Elyse Cherry of BlueHub Capital discusses impact investing and how investors can find ways to invest that make a real difference in communities they love, and Greg McBride from BankRate.com talks about how everyday Americans and financial experts don't see eye-to-eye on the state of the economy and stock market.

Kevin Mahn, president and chief investment officer at Hennion and Walsh Asset Management, said that while the economy is strong and still growing and the market is constructive toward stocks, investors should be focusing on quality, favoring companies with strong balance sheets, entrenched management, a history of growing earnings and dividends and more, noting that as the economy slows and election-year headlines take over it will be the issues with those qualities that stand out. Also on the show,Ted Rossman of CreditCards.com talks about how stressed Americans are over money, Mandi Woodruff of MagnifyMoney.com covers the places where someone might earn six figures but still go broke, and Mark DeVaul of the Hennessy Equity and Income fund talks stocks in the Market Call.

Jill Gonzalez, spokesperson for WalletHub, said that her site's annual 4th of July survey found that millions of Americans are feeling more financial freedom this year, but that nearly one-quarter of Americans wish they could be free of credit-card debt, second by a hair only to over-eating as something people want to cut back on. The study also showed that Americans believe that the federal government is watching their spending, tracking their credit-card activity, despite no real proof or reason to believe it is. Also on the show, author Michele Cagan talks about real-estate investing to generate income streams, Sam McBride of New Constructs puts the Securities and Exchange Commission in the Danger Zone over a recent rules change, and we rebroadcast a recent Market Call with Charlie Bobrinskoy of the Ariel Funds.

Ron Sanchez, chief investment officer at Fiduciary Trust International, said that the current market environment is not great for taking risks, but it also isn't terrific for avoiding risks. That means investors should stay neutral on buying stocks and bonds, putting their portfolios at their basic, starting-level allocations, not overweight or underweight anything while waiting for signs from the market about what will happen next. Also on the show, Jeffrey Hirsch from the Stock Trader's Almanac talks technical analysis, Catherine Yoshimoto from FTSE Russell discusses the reconstitution of Russell's indexes -- which happens after today's market close -- and Doug Cartwright of the Buffalo Emerging Opportunities fund makes his debut in the Market Call.

In a show that covers a wide range of investment types and strategies, Tom Lydon discusses fallen-angel investing -- buying junk bonds from companies that used to be of investment-grade calibar -- in the ETF of the Week, Nick Kalivas of Invesco ETFs talks about the inner workings of low-volatility investing and the types of market conditions when it works best, and Joe Barrato of the Arrow Funds talks about the "Dogs of the World" strategy for investing in the worst-performing countries hoping for a return to average market performance, a gigantic global twist on the classic 'Dogs of the Dow' strategy. Also ont he show, Ted Rossman of BankRate.com on a recent survey showing how much credit debt many parents get into when school is out and they must provide summer child care.

Bob Browne, chief investment officer at Northern Trust, said in the Big Interview that the market is acting in ways that make it easy for the Federal Reserve to cut rates and he expects three rate cuts before year end, a response to what he called 'stuckflation' combined with modest economic growth. Also on the show, Peter Lang and Cory Bittner of HighTower Advisors discuss value investing and when or if it will really work again, Ted McCarthy of LendEDU talks about per-capita lottery spending, and David Brady of Brady Investment Counsel talks growth stocks in the Market Call.

Jim Welsh, macro strategist for Smart Portfolios and author of the Weekly Technical Review newsletter said that the market's various benchmarks are diverging, so that while the public attention has been on recent highs for the Standard and Poor's 500, they have been ignoring the mixed and dangerous signals coming from things like the Dow Transports. He expects the market to enjoy its current highs but to for the S-and-P to challenge recent support levels of 2,800 before Labor Day, noting that if the benchmark can't hold that level it could fall to around 2,350 quickly. Also on the show, author and attorney Michael Hackard discusses protecting your loved ones from financial fraud, Roch Polimeni of the College Savings Foundation talks about their annual survey of how high school students are now viewing college through the financial lens, and Brian Andrew of Johnson Financial Group covers funds and ETFs in the Market Call.

Sam McBride, investment analyst at New Constructs, said that misleading operating lease discount rates -- a statistic that is now more widely available and which is a big red flag for many companies, especially retailers -- are masking real trouble at J.C. Penney, making the struggling retailer's problems worse than most people surmise. As a result, McBride thinks the company is likely headed to bankruptcy. Also on the show, Chuck answers a question about Coca-Cola stock, Adam Peck of Riverwater Partners talks social investing and small-cap stocks in the Big Interview, and Michael Roomberg of the Miller/Howard Drill-Bit-to-Burner-Tip fund has the Market Call.

Adam Grimes of Talon Advisors, say that with the market having reached new highs, it's now getting more complex. He's still bullish, but he does see potential troubles down the line, making this a time when investors can be 'rewarded handsomely' for being aggressively long on stocks. John Sarson of the Sarson Funds explains in the Big Interview why 'The Internet and cryptocurrency go together like peanut butter and jelly,' Chuck explores the latest weird financial news, and Mike Bailey of FBB Capital Partners covers stocks in the Market Call.

Doug Roberts of Channel Capital Research -- author of 'Follow the Fed to Investment Success' -- said the central bank's announcement Wednesday that it did not expect to cut rates in 2019 but does expect to drop them next year was the start of trying to create a perfect landing, a situation he suggested will not be easy given the countervailing forces affecting the market and the economy. Also on the show, Tom Lydon of ETFTrends.com picks his 'ETF of the Week,' professor Andrea hasler discusses a recent survey about how educators feel when it comes to teaching personal finance in schools, and Brian Lockhart of Peak Capital Management discusses stocks and ETFs in the Market Call.

Regis Dale, chief executive officer at Harvest Global International -- the largest institutional asset manager in China -- said investors should worry about the impact of trade and tariff skirmishes between China and the United States, but noted that investors who are willing to be patient for the next several years should find that current headlines are mostly creating buying opportunities. Also on the show, Jeremiah Riethmiller and Steve Tresnan of HighTower Advisors disagree about the proper use of alternative investments now, Chuck rebroadcasts a recent question on 7702 plans that was tied to yesterday's question on life insurance retirement plans, and Patrick Healey of Caliber Financial Partners talks stocks in the Market Call.

Tracie McMillion, head of global investment strategy for the Wells Fargo Investment Institute, said her firm remains neutral on stocks overall -- but favorable on emerging markets and domestic mid-caps -- due to heightened risk factors, but she noted that with no recession on the horizon for the rest of the year, investors should be looking to buy on dips and take advantage of opportunities created by market uncertainty in a time when a big, long-lasting downturn seems unlikely. Also on the show, Amanda Dixon of Bankrate.com discusses Americans' side-gig habits, Chuck takes another question on insurance plans for retirement savings, and Charlie Bobrinskoy, vice chairman of the Ariel Funds, talks stocks in the Market Call.

Barry James, chief investment officer at the James Advantage Funds, said the market is not functioning properly because companies with no earnings have been up by 20 percent this year, while, by comparison, companies with real earnings are down, a situation that creates the potential for a big downturn when the broad market wakes up to what is happening. James has been slowly raising cash and becoming more defensive in response. Also on the show, Kelley Knutson of Netspend on Americans' fluctuating incomes, Steve Lipper of the small-cap team at the Royce Funds talks the market, and David Trainer says a soon-to-launch IPO belongs in the 'Danger Zone.'

Frank Holmes, chief executive at U.S. Global Investors, said he sees the market currently in a good place, helped by the changing tide of interest rates, but he noted that investors should be looking to diversify into gold and fixed-income to take advantage of that shift as it occurs during a time of slowing economic growth that will make for tougher sledding for stocks. Also, Danielle Shay of SimplerTrading.com said that the resolution of trade issues with Mexico was a strong short-term win for the market, which she now expects to settle into a range until the next earnings season in July, which could prove to be a catalyst for a move higher. Cather Golladay of Schwab Retirement Plan Services discusses the magic number that Americans think they need to amass for a secure retirement, and we rebroadcast a recent Market Call interview with Mike Larson of Weiss Ratings and Weiss' Safe Money Report.

Allison Schrager, author of 'An Economist Walks Into a Brothel ... ' joins Chuck in a discussion about risk and how poorly most people evaluate is when it comes to decisions. Also, Tom Lydon of ETFTrends.com has the ETF of the Week, Terry Jones of Investor's Business Daily discusses how investor optimism turned away from peak levels in May, Michael Gayed of The Lead-Lag Report gives his technical take on the market, Guy Benstead of the Cedar Ridge Unconstrained Credit Fund discusses the bond market, and Chuck celebrates his borthday!

Michael DiCecco, an asset finance expert with Huntington Commercial Bank, is worried that the transportation and trucking sector could be headed for a recession, and if that sector slows down, it has the potential to lead the rest of the economy into a downturn. Also on the show, Jeremiah Riethmiller and Steve Tresnan of HighTower Advisors discuss very different ways to use fixed-income as an equity hedge now, at a time when traditional bond strategies are less effective than in the past, and Stephen Mathai-Davis of Quantamize does a super-sized Market Call with two helpings of 'Hold It or Fold It,' one covering ETFs and a second for stocks.

Cam Harvey, senior advisor to Research Affiliates and Duke University professor, said that the inverted yield curve model that he discovered -- and which has correctly called major recessions dating back through history -- is poised to trigger at the end of June, a sign that recession is about 12 months off. Also on the show, Chuck takes a question about insurance, Jason Hargraves of InsuranceQuotes.com discusses the value and usefulness of credit-card travel protection, and Malcolm Polley of Stewart Capital Advisors talks stocks and 'business-perspective investing' in the Market Call.

Michael Mullaney, director of global markets research at Boston Partners, said that he expects the Federal Reserve to make one rate cut before the year is over, a move that he expects will help to drive the market higher, but despite that potential move to the upside, he recommended that investors get increasingly defensive, looking for high-quality names with stronger balance sheets. Also on the show, Greg McBride of Bankrate.com discusses his site's most-recent study, David Trainer puts a popular brand-name stock in the Danger Zone, and Matt King of King Wealth Advisors covers stocks and ETFs in the Market Call.

Dan Zanger of ChartPattern.com said that while he sees plenty of weakness and many bearish technical indicators, he believes the market is headed up barring some sort of significant interest-rate policy or political change. Zanger said he expects the Standard and Poor's 500 to reach 3,300 by year's end, after just barely holding at its current support level of roughly 2,800. Also on the show, Jason Browne of Alexis Invests said that the market has been going through a bear market within a secular bull market, and he said the bear -- which no one wanted to acknowledge -- is nearly done, leaving the market poised for an upturn as the rest of the bull market plays out. Beyond those two extended interviews, Chuck also talks with author and financial planner Clark Kendall about his new book 'Middle-Class Millionaires.'

Sandy Rufenacht of the Aquila Three Peaks High Income Fund, said that a flat credit quality curve -- one that seems to be confusing real junk from safer high-yielding investments -- could turn dangerous if the stock market and the economy get into trouble. He warned that investors need to temper their expectations in high-yield bonds, and prepare for potential trouble ahead. Also on the show, Chuck discusses the legacy of the late John Neff, legendary manager of the Vanguard Windsor fund, it's all Greek to Tom Lydon of ETFTrends.com with the 'ETF of the Week,' Mike Foy of J.D. Power discusses Americans' retirement confidence levels, and tactical money manager Michael Ball of Weatherstone Capital Management covers ETFs in the Market Call.

Janet Brown, chief executive at the FundX Investment Group and publisher of the No-Load FundX newsletter, said in the Market Call that fundamentals 'still look decent,' which has meant that the market has only started to move away from the large-cap growth story that has driven the bull run towards more defensive funds, value-oriented funds and small- and mid-cap funds, but she expects that trend to grind on as the market slows down. Also on the show, Jeremiah Riethmiller and Steven Tresnan of HighTower Advisors discuss how to read and interpret economic data and current headlines, Ted Rossman of Bankrate.com discusses the potentially negativei mpact of closing old credit-card accounts and, in a rebroadcast, Craig Callahan of ICON Advisors talks about the market and how it stands below fair value right now.

Chuck tackles an audience question about a purported retirement investment pitched as a 7702 plan and he points out why this insurance contract generally is a bad idea for consumers, how it is sold in misleading ways and why it's not all that it's cracked up to be. He also talks with author Ken Honda, whose new book 'Happy Money: The Japanese Art of Making Peace With Your Money' is out today, discusses changing long-term mutual fund track records with William Frank of Markov Processes International, and revisits a recent Market Call interview with Justin Carbonneau of Validea.

Lacy Hunt, chief economist at Hoisington Investment Management, said that both the domestic and global economies are becoming increasingly frail, raising the risk of recession occurring sooner rather than later. He fears that slower growth will not be able to sustain positive momentum, noting that too many key economic indicators are showing danger signs. Also on the show, Greg McBride of Bankrate.com discusses Americans' greatest financial regret, author John Quiggin discusses his book 'Economics in Two Lessons,' and Kyle Guske of New Constructs puts a small-cap mutual fund in the Danger Zone.

Kristina Hooper, global market strategist for Invesco, said that while she does think the market is facing potential troubles as the economy slows down, she does not anticipate either a recession or a bear market now, just because the market has pulled away from recent highs. Also on the show, Benjamin Bailey of the Praxis Impact Bond Fund said investors should not be stretching for yield right now and should be as defensive in their fixed-income portfolio as they are being with equities. Author Jean Chatzky discusses her book, 'Women With Money,' which used conversations about money and investing to help tackle the issues that stand between individuals and financial success, and John Busby of BroadbanNOW talked about a survey showing that summer is the best time to change Internet service and save.

Larry McDonald, publisher of The Bear Traps Report, said that he is expecting a bear market in the next six months, with the market falling by 15 to 25 percent during a downturn, noting that he does believe the decline could end with a recovery occurring during the election season next year. Mike Larson of Weiss Ratings -- editor of that firm's Safe Money Report -- said in the Market Call that he, too, sees trouble ahead, noting that the market 'is telling you to be defensive right now' and that he is roughly 40 percent in cash currently. Also on the show, Tom Lydon of ETFTrends.com made a fund that pays investors to own it -- thanks to a negative expense ratio -- his ETF of the Week, and Rob Scheinerman of AIG Retirement Services discusses how the student-loan debt burden is affecting new graduates.

Charles Biderman, founder of Trim Tabs Investment Research, said that many of the conditions that have kept the market happy and frothy during the latter stages of the bull run are now mostly mirages, creating the potential for a major correction that he could see happening despite 2020 being an election year. Also on the show, it's May 29 -- the day to celebrate 529 college-savings plans -- and Chuck discusses thos plans and how few people understand and use them with Deborah Goodkin of First National Bank of Omaha, he talks alternative investments in a rebroadcast of a Collective Wisdom from HighTower Advisors segment, and he covers funds and ETFs in the Market Call with Kevin Miller of the E-Valuator Funds.