Money Life with Chuck Jaffe

David Ellison, manager of the Hennessy Large-Cap and Small-Cap Financial funds, says we are seeing a unique decline in interest rates because cuts historically were supposed to help out financial institutions, making it easier to make loans, unload bad debts and improve margins. With rates at historic lows, however, cuts aren't really providing financial firms with any help, Ellison says, making the entire sector tougher to read. Also on the show, Richard Howe of Stock Spinoff Investing makes his debut in the Market Call, Andy Provencher of BNY Mellon Investment Management discusses how little average Americans know about fixed-income investing, and Chuck reveals the results of his 'Cash-or-Candy' Halloween.

Francesca Ortegren of Clever Real Estate discusses a recent study on the effect of paranormal activity on home prices -- no, we're not kidding -- which found that people are much more concerned about the potential for crime than they are about being haunted by ghosts, with people who believe in the supernatural more likely to pay up to buy a house they've been told is haunted. Also on the show, Tom Lydon of ETFTrends makes a small-cap dividend fund his pick for ETF of the Week, Rick Redding of the Index Industry Association talks about why the number of indexes shrank by roughly 20 percent in the last year, and Jason Herried of Johnson Financial Group talks funds and ETFs in the Market Call.

David Bahnsen of HighTower Advisor's Bahnsen Group chats about the intersection of politics and personal finance, noting that investments are inherently political and that investors can create problems when they choose to invest based more on their political leanings than on a dispassionate view of how current events can and will impact the market. Also on the show, Mark Hamrick of Bankrate.com talks about their survey about whether Americans feel they are better off financially since the last presidential election, Jon Brodsky of Finder US talks about how Americans' savings habits compare with the rest of the world, and Brian Frank of the Frank Value Fund discusses absolute-value investing in the Market Call.

Avi Gilburt, founder of Elliott Wave Trader, said that while the Standard and Poor's 500 hit new record highs on Monday -- closing at roughly 3,040 and finally breaking out of a trading range that has lasted for most of the year -- he believes the market is still in the middle of a larger correction, one that will take it back down to support levels around 2,820 before there is a real rally to start off 2020. Gilburt suggested that instead of being cheered by the new highs, investors should expect 'a lot of whipsaw.' Also on the show, Leonard Wright discusses the American Institute of Certified Public Accountants' most recent Personal Satisfaction Index, author and financial adviser Jeff Poole discusses the transition from work to retirement, and Tim Melvin of the Heatseeker newsletter and MaxWealth.com cov ers stocks in the Market Call.

David Trainer, president of Nw Constructs, says that Line PLC has numbers so misleading tat if the omcpany were to stop growing, shares would be worth about 90 percent less than their current level. Even with growth, Trainer gave reasons why the company could be headed for trouble. Also on teh show, Frank Nothfaft of the National Association for Business Economics, a rebroadcast of a recent chat with Mona Mahajan of Allianz Global Investors, and the Market Call with Martin Leclerc of Barrack Yard Advisors.

Lindsey Piegza, chief economist for Stifel Fixed Income, says near the end of her Big Interview chat with Chuck that she sees sufficient economic slowdown ahead for the economy to enter a recession during the first half of 2020, noting that a recession doesn't have to be deep, hard and arduous but rather that it can represent a slowdown which she believes will be reversed in short order. Also on the show, Piers Currie of Warhorse Partners discusses the evolution of closed-end funds frmo their origins in England, Michael Sincere talks technical analysis and how current conditions have him betting in both directions against this market, and Nick McCullum of Sure Dividend covers his dividend-investment strategy talking stocks in the Market Call.

Chuck covers a lot of ground, literally and figuratively, in today's show, with Tom Lydon of ETFTrends.com making a marijuana offering his ETF of the Week, talking with Carter Malloy of Acre Trader, a platform that lets individual investors do high-yield investing by buying directly into farmland, and talking mutual funds and ETFs in the Market Call with Kevin Miller of the E-Valuator Funds. Plus, Ted Rossman of CreditCards.com returns for the second time this week to talk about a survey, this time on how people plan to pay for their holiday travels.

Shawn Cruz, manager of trading strategy for TD Ameritrade, said that the market is fighting conflicting trends but noted that any sort of meaningful improvements in the trade war with China would likely help stocks break through to new highs, as he believes the market is trying hard to continue climbing. Also on the show, Mike PeQueen of HighTower Advisors said he believes that solid fundamentals will allow the market to climb the proverbial 'wall of worry' without suffering through a recession until at least 2021. Greg McBride of BankRate.com discusses his site's most recent survey of fees and charges levied by banks, and Francisco Bido of Cognios Large Cap Growth fund makes his debut in the Market Call.

Zach Jonson, senior portfolio manager at Stack Financial Management, said that investors and the stock market are being pulled in good and bad directions by an 'economic and emotional tug-of-war caused by the trade war with China, changes in interest-rate policies, the news cycle and more. He pointed out that the market has positive signs -- like market breadth at near highs -- and negative signals, like the struggles in transportation and small-cap stocks. He is remaining defensive, but looking for opportunities. Also on the show, Ted Rossman of Bankrate.com discusses the number of Americans who earn, but then lose, credit-card rewards, we rebroadcast a recent chat with Tom Stringfellow of Frost Investment Advisors, and Eric Ross of Cascend Securities makes his debut talking stocks in the Market Call.

Jeffrey Hirsch, editor of the Stock Trader's Almanac, noted that the market's technicals are strong enough that the Almanac issued a buying signal on Oct. 11, expecting 2019 to have the traditional strong end to the year rather than repeating the significant decline investors lived through a year ago. Hirsch also talked about the impact elections have on the market and more. Also on the show, Geoffrey Brown of the National Association of Personal Financial Advisors discusses how many people wish they could have a financial do-over, Kyle Guske of New Constructs puts the worst fund in the worst-performing investment category in the Danger Zone, and Rich Moroney of the Dow Theory Forecast and Upside newsletters talks stocks in the Market Call.

Mona Mahajan, US investment strategist for Allianz Global Investors, says that while there are legitimate concerns about slowing global economic growth and headline risks from trade wars to impeachment and more, the underlying numbers show signs of re-emergent growth, the kind of 'green shoots' that could carry the long-running bull market to new heights next year if they're fostered and allowed to grow. Also on the show, Ken Berman of Gorilla Trades is equally bullish -- if not more so -- in discussing the stock market's technical side of things, Joshua Deringer of Drinker, Biddle and Reath explains the inner workings of 'interval funds' -- a type of closed-end fund that is growing in popularity -- in The NAVigator, and Darren Kottle of Catalyst Multi-Strategy Fund talks stocks and tactical investing in the Market Call.

College professor Emily Gallagher discusses her recent research looking at the amount of emergency savings that appears sufficient to allow individuals to overcome standard emergencies and avoid falling into significant financial distress, disclosing just how much to keep on hand. Also, Chuck talks with Tom Lydon of ETFTrends.com about a housing fund, covers the best mortgage lenders with Gina Pogol of HSH.com, and talks stocks in the Market Call with Leon Wilfan of Lahardan Financial.

Matt Harris, head of investment strategy at HighTower Wealth Management, says that while people are nervous about economic, market and political headlines, that's not showing up in how they act as measured by technical analysis. Harris says that indicators like breadth, the spread of companies rising and falling and more are not typical of a market top or indicating a price drop over the next few months. Also on the show, Chuck talks with author Devon Powers about the business of forecasting the future, discusses Halloween spending with Matt Schulz of CompareCards.com, and revisits his recent chat with Nobel Prize-winning economist Robert Shiller.

Lawrence McMillan, head of McMillan Analysis, said that the current range-bound market has indicators that can work for short-term trades, but nothing that really allows him to look out more than a few weeks. He is looking for the market to break through resistance at 2,993 on the Standard and Poor's 500 and hold beyond that level, but noted that if a rally falls short, the market could see a double- or triple-top, which is a sign of trouble ahead. Also on the show, Sylvia Jablonski of Direxion Investments says there is still growth left in the market and she highlights good ideas for trading in a sideways market, Mike Brown of Lendedu highlights the huge amount newlyweds paid to hold their wedding, and we revisit a recent Market Call with Ed Shill of QCI Asset Management.

Aaron Glantz, author of the new book 'Homewreckers: How a Gang of Wall Street Kingpins, Hedge Fund Magnates, Crooked Banks, and Vulture Capitalists Suckered Millions Out of Their Homes and Demolished the American Dream," discusses how a story looking at the financial crisis of 2008 led to massive profits for several leading players,including members of the current administration in Washington. Also, Catherine Collinson of the Transamerica Center for Retirement Studies talks about why employers don't believe their workers are ready for retirement, David Trainer of New Constructs talks about the danger of believing ordinary earnings reports and Bill Matson of Oyster River Financial covers data-driven investing in the Market Call.

John Blank, chief equity strategist and chief economist at Zacks Investment Research, gives a compelling look at what he believes are key numbers to draw the conclusion that investors won't have to worry about a recession in the United States for at least a year and more likely into 2021 and beyond. With little to no growth around the world right now, Blank suggests that investors -- especially those with shorter time horizons -- focus more on domestic stocks because despite a slowing economy the best growth opportunities remain here. Also ont he show, Patrick Shaddow of S-Network Global Indexes talks about ETFs made up entirely of closed-end funds, Toni Turner of Trendstar Trading Group discusses the market's potential to reach a triple top, which is a technical indicator of trouble ahead, and Manny Weintraub of Integre Asset Management covers growth-at-a-reasonable price stocks in the Market Call.

Bernie Horn, portfolio manager at Polaris Global Value, says that while the U.S. stocks have sharply outperformed international stocks since the financial crisis of 2008, the situation has now gotten to where foreign valuations are increasingly attractive, and he noted that if you can find the right valuations in businesses that are able to grow cash-flow over time, the stock should ultimately pay off no matter where in the world it is based. Also on the show, Tom Lydon of ETFTrends.com makes an actively managed municipal bond fund his ETF of the Week, Pat Rowan of TIAA discusses Americans' confidence in retirement, and Craig Curlop of biggerpockets.com talks about his new book on 'house-hacking,' a strategy where you buy multi-unit properties, live in one unit and rent the others, uing the rent to pay your mortgage and effectively letting you live without having to make a monthly housing payment of your own.

Chuck talks about the twist he is putting in place for his annual 'trade or treat' Halloween tradition that lets children choose between money and candy while learning about risk, return, rewards and more every year. He's hoping you will come up with your own twist on cash or candy this year. Also, Ray Baraldi and Richard Flahive of HighTower Advisors discuss real assets' role in a portfolio during volatile times, Terry Jones of Investor's Business Daily covers the latest IBD Investor Optimism Index and Trip Miller of Gullane Capital Partners covers value investing in the Market Call.

Nobel Prize winning economist Robert Shiller joins Chuck to discuss his new book on 'narrative economics' and notes that the current narratives generating viral stories and affecting the economy are the stories about trade and tariff wars and the future of free trade with China. Also on the show, Eleanor Laise of Kiplinger's Personal Finance discusses the importance of shopping around during the open enrollment period to see if you should change Medicare Plans, and Leah Bennett of Westwood Wealth Management talks quality socks in the #MoneyLifeMarketCall.

Tom Stringfellow, chief investment officer at Frost Investment Advisors, says that the current mix of good and bad news -- a 50-year-low in unemployment,impeachment headlines, interest rates and much more -- has confused investors and is pushing them some of them to seek shelter, making a mistake of not being fully invested at a time when the market continues going up despite all of the conflicting data and information. Also on the show, Greg Daco of Oxford Economics and the National Association for Business Economics, talks about the economist survey released today which shows that leading financial minds feel that recession isn't likely until late 2020 or beyond, David Trainer of New Constructs puts a pot stock in the Danger Zone, and Ben Johnson, director of ETF research, covers exchange-traded funds in the market Call.

Adam Grimes, president of Talon Advisors, said that while news headlines and market volatility might give investors pause for the near term, long-range investors should not be concerned about the market's technicals, and should view downturns cautiously as buying opportunities. He noted that when the market is range-bound -- as it has been -- but generally staying near the top level of the range, that typically bodes well going forward. Also on teh show, Kimberly Flynn of XA Investments talks about alternative investments available in closed-end funds in The NAVigator, Pat keon of Lipper at Refinitiv discusses why investors flooded junk-bond funds with money in recent weeks, and Brian Gahsman of the AlphaCentric Robotics and Automation fund has the Market Call.

Richard Sapertein, chief investment officer, Treasury Partners, gives a surprising take on how bond investors -- facing negative interest rates on international treasury securities and falling interest rates at home -- should actually extend maturities on the fixed-income instruments they are using, even though that could put them on the short end of the inverted yield curve. Also on the show, Tom Lydon of ETFTrends.com says value is coming back into vogue with his pick for the 'ETF of the Week,' Rich Polimeni of the College Savings Foundation discusses about how parents may know the value of saving for college but still are over-reliant on debt, and Oliver Pursche, chief market strategist at Bruderman Asset Management talks growth at a reasonable price in the Market Call.

George Schultze of Schultze Asset Management says in the Market Call that investors should not be afraid of bankruptcy and other troubling corporate situations because they are running away from opportunities rather than seizing on them. Also on the show, Chris Mamula, a leader in the "Financial Independence" realm talks about the new book he helped to write, 'Choose FI: Your Blueprint to Financial Success," plus Michael Sheldon and Peter Lang of HighTower Advisors discuss the benefits of mixing active and passive management in a portfolio.

Everett Millman, precious metals specialist at Gainesville Coins, says that he expects gold to be range-bound and move sideways for as long as the big macro issues like he trade war with China and interest rates domestically go unresolved, but he expects gold to mostly hold to current, recently inflated values because there isn't much on the horizon to drive prices down. Also on the show, Gina Pogol of AmOne.com discusses a survey on big personal-finance mistakes, Sa El of SimplyInsurance.com joins Chuck to answer an audience question, and we rebroadcast a recent interview talking global markets with Giorgio Caputo of J.O. Hambro Capital Management.

Mark Hamrick of Bankrate.com chats with Chuck about his firm's latest research, which showed that despite a decade of economic expansion, nearly 40 percent of Americans still list catching up on bills as their biggest financial priority, followed by saving more and paying down debt. Also on the show, Sally Outlaw of Worthy Financial discusses how her firm's crowd-funding of small-business bonds has created a higher-yielding alternative to money-market accounts, Kyle Guske of New Constructs puts a high-cost technology fund in the Danger Zone and Ed Shill of the five-star QCI Balanced fund talked stocks and valuations in the Market Call.

Money Life adds a new regular feature today with the debut of The NAVigator, a segment that will cover the ins and outs of avtice investing in closed-end funds, today featuring John Cole Scott of the Active Investment Company Alliance and Closed-End Fund Advisors. Also, Bill Kornitzer of the Buffalo International Fund says the world is on hold waiting for US-China dispute to end, but he expects the countries to reach temporary agreements as this is a skirmish in a battle for global economic dominance. Veteran personal finance journalist John Waggoner talks the potential impact impeachment proceedings will have on the stock market, and Brian Bollinger of Simply Safe Dividends makes his debut in the Market Call.

Katherine Renfrew of the TIAA-CREF Emerging Markets Debt fund discusses how the bond market in China and around the world is reacting to headlines about trade wars and interest-rate hikes, while Yung-Yu Ma of BMO Wealth Management talks about how today's low-rate, high-volatility market should have investors considering yield-driven alternatives like structured notes and preferred stocks for a small part of their portfolio. Also,Tom Lydon of ETFTrends.com has his 'ETF of the Week' and Michelle Kryger of AIG chats about her firm's newly released survey on how seniors are scammed and exploited by family members and strangers and how you can help aging parent avoid those troubles.

Kristina Hooper, chief global market strategist at Invesco, said that while the domestic market is overpriced relative to historical prices, while international markets are underpriced, a condition which suggests that investors might want to seek more opportunities even as they ride the current long bull market out. Hooper noted that cuts to interest rates will likely determine just how long the market can avoid a real downturn, but she noted that most of the signs remain positive heading into the presidential election year. Also on the show, Rupal Bhansali of Ariel Investments talks about 'non-consensus investing,' the subject of her new book, Jake Falcon and Joe Klein of HighTower Advisors discuss the sector rotation they see coming in the fourth quarter of 2019, and Chuck answers a listener's question about rewards credit cards.

Joe Quinlan of Merrill Lynch and Bank of America Private expects a truce, rather than any 'grand deal' on China, but despite those concerns he believes the market is headed higher so he suggests that investors view downturns as buying opportunities -- 'especially in large-cap, dividend-paying stocks' -- for the foreseeable future. Also on the show, Gene Peroni of Peroni Portfolio Advisors expects the Dow Jones Industrial Average to hit 33,000 before the current market cycle ends, which he says could be 18 to 24 months away. Anne Marie Levin of Key Private Bank discusses her firm's recent study of philanthropy disagreements in wealth families, and we revisit a recent chat with Eddy Vataru of the Osterweis funds.

Omar Aguilar of Charles Schwab Investment Management joins Chuck to talk about BeFi 2019, a new behavioral-finance study which shows that focusing on recent events, being too adverse to losses and more can wreck solid financial plans. Also, Scott Lynn of Masterworks discusses investing in fine art in ways not possible until recently, Sam McBride of New Constructs puts another popular IPO in the Danger Zone, and Chuck revisits a recent interview with Noland Langford of Left Brain Capital Management.

Neil Hennessy, founder of the Hennessy Funds says the Dow Jones Industrial Average is going to 30,000 'before we have any worries,' making the case that the market is well-positioned to continue its long run of growth with only minimal disruptions. Jurrien Timmer, head of global macro at Fidelity, meanwhile, is focused on those disruptions and the yellow warning signs in the form of the inverted yield curve, money supply growth, the Federal Reserve and trade wars, but he made it clear that 'This is a market I don't want to bet against,' noting that Dow 30,000 could be a 2020 story. Also on the show, Chuck takes a question about investing in Estonia, and Doug Roberts of Channel Capital Research discusses the fallout and next moves from this week's Fed moves.

Josef Schuster, founder of IPOX Schuster -- which tracks the market for initial-public offerings -- said that the IPO market in 2019 has held up, with start-up numbers generally being similar to a year ago and then pushed beyond those levels thanks to the debut of Uber. Also on the show, Tom Lydon of ETFTrends.com discusses palladium with his ETF of the Week, John Sweeney of Figure Technologies chats about how much money Americans are overpaying -- more than $100 billion -- by not playing interest rates properly, and value manager Michael Campagna or Moerus Capital talks stocks around the world in the Market Call.

Allan Sloan, award-winning business columnist for the Washington Post, said that while interest-rate cuts are being talked about as good for the market and the economy, there are long-term negative impacts to protracted periods of low rates, affecting pension plans, Also on the show, Giorgio Caputo of J.O. Hambro Capital Management says that the Federal Reserve is 'helicopter parenting' the market, and it can't protect the public from all evils, Jake Falcon and Joseph Klein from HighTower Advisors discuss the things beyond trade wars that top their current list of concerns, and Dan Mahr of Federated Investors talks quantitative stock investing in the Market Call.

Greg McBride, chief financial analyst at Bankrate.com, said that the Federal Reserve will cut rates again at its meeting that starts today, but he noted that savers who have been doing reasonably well now need to expect to lose ground and consumers who have debts need to aggressively pay them down before there is any long-term bounce back in rates, something he says will happen the next time rates rise. Also on the show, Lou Harvey from DALBAR Inc. discusses a strategy that should help investors stay put, literally, in the next market downturn, and Bill Hench of the Royce Funds talks small- and micro-cap stocks in the Market Call.

David Wright, lead portfolio manager for the Sierra Funds, said that the market has mixed fundamentals and technicals that individually might scare investors but that ultimately are no cause for worry in the short run, because they aren't pointing to a recession in the near-term. That said, he did discuss taking a defensive posture for the current markets, using preferred-stock mutual funds and municipal-bond funds as safe haven that should produce above-average income going forward. Also on the show, author Liz Frazier discusses her new book on teaching kids about money, 'Beyond Piggy Banks and Lemonade Stands,' Sam McBride of New Constructs puts all new initial public offerings in 'the Danger Zone' and we rebroadcast a recent chat with Andrew Foster of Seafarer Capital Management.

Eddy Vataru, portfolio manager for Osterweis Total Return Fund, said that while the market is pricing in the high probability of a recession, he thinks it has been too aggressive and that there won't be a protracted economic slowdown in the near future. He noted that the inverted yield curve may be less of an indicator than in the past because rates currently are so low, which was not the case with past inversions. Also on the show, technical analyst Michael Sincere said the market is in a trend-less trend, with limited upside, some good potential moves to the downside but a rising trend that he doesn't want to fight. It has him mostly on the sidelines now, figuring there will be a clearer trend after the next Federal Reserve meeting. In the Market Call, Aash Shah of Summit Global Investments talked low-volatility stocks, and Chuck also answered an audience question about the value of frequent-flyer miles.

Tom Lydon, editor at ETFTrends.com, said that with interest rates going down andcentral bankers working to manage inflation, many investors should be looking towards gold, both for its traditional role as an inflation hedge but also because it can turbocharge results. He made GOAU, the US Global GO GOLD and Precious Metals Miners ETF his 'ETF of the Week,' noting that the fund has shot up but that the market gives it room for even more growth. Also on the show, author Michael B. Horn talks about keeping perspective while making appropriate college choices, Jill Gonzalez of WalletHub.com covers a survey on how consumers expect to spend less on their cell phones, even with the new iPhone coming out, and Tom McIntyre of McIntyre, Freedman and Flynn mixes news and fundamentals as he talks stocks in the Market Call.

Ed Cofrancesco of International Assets Advisory said in the Big Interview that it's a sideways market with factors that could push it significantly out of the range it has traded in towards new highs or recent lows, but that investors should not be over-reacting to news and to headline risk. Cofrancesco said he ultimately expects the market to move higher once a trade deal is agreed upon with China. Also on the show, Jake Falcon and Joseph Klein of HighTower Advisors discuss how the ongoing trade war with China is trickling down into their thinking and planning on behalf of their clients, Chuck takes an audience question about his personal portfolio, and Chris Retzler from the Needham Small-Cap Growth Fund has the Market Call.

Lorna Kapusta, head of women and investing at Fidelity Investments, said that recent research by her firm showed that more than half of women keep nearly all of their savings in cash or bank accounts, compared to about 30 percent of men. Those staggering numbers show why it is hard to anyone to grow their savings into an appropriate retirement nest egg. Also on the show, author Dana Look-Arimoto talks about smart settling, Jill Gonzalez of WalletHub.com discusses the site's latest research and we rebroadcast a recent chat with leading value investor Joel Greenblatt of Gotham Asset Management.

Chuck closes out his coverage of #FinCon19 by chatting with five FinCon stars, including Doug Nordman of The-Military-Guide.com, Philip Taylor, the founder of both Fincon and of ptmoney.com, Andy Hill of the Marriage, Money and Kids blog and podcast, Sarah Li-Cain, writer and host at Beyond the Dollar, and Steve Stewart, podcast editor and the community leader of FinCon's Podcast Network.

Chuck is at FinCon 2019, the giant meeting of podcasters, bloggers, writers and other content creators from throughout the personal-finance world. His guests today cover a wide range of subjects and programming. You'll hear from Gwen Merz of Fiery Millenials, Stephanie McCullough of Sofia Financial, Dustin Heiner of MasterPassiveIncome.com, Kent Brown of the Daily Money Show, Australian Paul Benson of Financial Autonomy, Kelly McKillip of Couch Cents, Whitney Hansen of The Money Nerds, and Logan Allec of Money Done Right.

Tom Lydon of ETFTrends.com made the PIMCO 25+ Year Zero Coupon US Treasury Index ETF (ZROZ) his ETF of the Week saying it's that -- despite the inversion in the yield curve -- it's an appropriate investment response to today's common investment concerns, because long-term bonds stabilize a portfolio in low-rate, recessionary environments. Also on the show, author James Pattersenn looks at stocks a young Warren Buffett would buy, Brooklyn Lowery of CardRatings.com discusses credit-card churning, and Joe Saul-Sehy of the Stacking Benjamins podcast helps Chuck prepare for FinCon 2019 by discussing the good, bad and ugly of the podcast world and the blogosphere.

Jim Welsh, macro strategist and portfolio manager at Smart Portfolios, said he expects the market to rally to rpughly 2,950 on the Standard and Poor's 500 ahead of the next Fed meeting, only to have the central bankers issue some sort of disappointing news around a rate cut that puts the market into a short tailspin down to the 2,750 range. From there, Welsh said, expect an oversold bounce that helps to fuel the next rally. Also on the show, author Caitlin Zaloom discusses the lengths parents go to in order to pay for college educations, we rebroadcast an interesting disagreement between Jeremiah Reithmiller and Steve Tresnan of HighTower Advisors on how to use alternative investments in a portfolio, and Michael Robinson of Money Map Press stops by to talk stocks in the Market Call.

Ted Rossman of Bankrate.com said that more than two-thirds of people with credit-card debt are making a financial mistake by trying to maximize credit-card rewards rather than forgoing the bonuses for a card with a lower rate and fewer costs that will help them eliminate debt faster, noting that gaining a few percentage points in cash back or airline miles is not worth the average credit card's 18 percent rate. Also on the show, author Rita McGrath talks about identifying transformative changes in business ahead of the crowd, Noland Langford of Left Brain Capital Management talks stocks in the Market Call, and Chuck answers a question about home-purchase offers you might get in the mail.

Vincent Reinhart, chief economist and macro strategist at Mellon, is not forecasting a recession in the United States but he said that trade uncertainty has been a drag on economic activity worldwide, creating a global recession. Moreover, even when the trade and tariff disputes are resolved, he said things will not be better than before, as it will take time to recover from the damage being caused by the slowdown in trade. Also on the show, Chuck answers a listener's question about an investing strategy espoused by Jim Cramer, Sandy Block of Kiplinger's Personal Finance talks about ways to simplify your finances, and Mike Liss of American Century Value has the Market Call.

Jerry Parker of Chesapeake Capital Corp. -- an original member of the famous Turtle Traders -- said in the Market Call that he'd rather find the most-diversified portfolio than simply trying to find the best stocks, noting that investors need to be taking a defensive posture -- using precious metals, commodities and betting against stocks with short positions -- to be well positioned in today's uncertain markets. Also on the show, author Kendall Rose discussed how step-parents can avoid the financial issues that are often a problem for blended families, financial planner Judith Ward of T. Rowe Price discussed how parents and children fail to communicate on college costs, and Tom Lydon of ETFTrends.com checked in his pick for ETF of the Week, a specialty fund that loves the online retailers and shorts traditional big-box brands.

Brent Wilsey of Wilsey Asset Management said in the Market Call that his form of value investing -- which relies heavily on the PEG ratio -- has seent he number of bonafide investment opportunities shrink as the market has slowed down. He expects the trend to continue, even as he does not expect the market to hit a full-blown recession soon. Also on the show, Richard Flahive and Ray Baraldo if HighTower Advisors, discussing the distribution phase of life, Jean Statler of the Alliance for Lifetime Income on how people need to consider setting up income streams to reduce retirement worries, and Zack Friedman, author of 'The Lemonade Life.'

Brad lamensdorf of the Ranger Equity Bear ETF said that the market has been getting weaker with every correction, recapturing old highs more slowly and showing signs that a real downdraft with longer-lasting results could be on the way, particularly once sentiment turns ugly. He noted that if the Standard and Poor's 500 breaks through current support levels, it would likely fall at least 200 points further. Also on the show, financial adviser and author Ed Butowsky talks about scary financial advisers, Andrew Crowell of D.A. Davidson discusses the real benefits of saving when you are young, and lamensdorf returns to talk stocks in the Market Call.

Andrew Foster of Seafarer Capital Partners said that trade and tariff wars have not stopped growth in emerging markets, but they have exacerbated a slowing trend, particularly in China, that will make developing and emerging markets harder to profit from in the near future. Foster noted that valuations in emerging markets are reasonable, but without growth to help drive the market, investors should expect muted returns from emerging markets for the long-term future. Also on the show, Greg McBride of Bankrate.com talks about how many workers are not increasing their set asides to retirement plans, Sam McBride of NewConstructs.com -- no relation -- discusses a stock that is headed for trouble and Greg Woodard of Manning and Napier covers stocks in the Market Call.

Dan Zanger of ChartPattern.com said the Standard and Poor's 500 seems headed down to about 2,700 now as it pushes through what he called an 'ABC pattern' that started recently, has gone through the first two steps and is awaiting the third move, which traditionally will be down. Zanegr right now is only 10 percent invested in the market, and he warns that while the market has been in a range, the volatility has been hurting a lot of traders. Also on the show, Sir John Hargrave talks his new book about blockchain and bitcoin, Ken Tumin of DepositAccounts.com says that Americans are losing billions of dollars to misplaced loyalty to their bankers, and Chuck talks about a media-darling investment expert who turned out to be a fake.