Welcome to Closing Bell, I'm Mike Santoli in for Scott Wopner here at Post 9 at the New York Stock Exchange.

This make-or-break hour begins with stocks taking a well-earned breather to begin August

as Treasury yields rise toward their highs for the year and investors seek

confirmation at the now popular economic soft landing story is still intact.

Which leads us to our talk of the tape where we ask what scenario has the near 20% gain in

the broad market so far this year priced in and is that a plausible scenario here

to discuss all that is Adam Parker founder and CEO of Trivariate research.

Adam, it's one of these times where if you look at the message of the market and try to figure

out how it's behaving,

you give a lot of credit to saying

that we have a pretty bright outlook, right?

I mean, in terms of the broadening out of the market,

the fact that we have this up-term, we have a down 1% day

in a while, it feels like we're scaling this wall of worry.

Volatility has dropped.

And then if you try to figure out

the fundamental inputs that substantiate

that kind of market behavior,

maybe it's a little tougher in terms of valuation and

what's in for the economy so where does that bring you? Yeah I mean I think what's in

my mind the rally earlier in this year I thought okay well part of the reason we're up is just the

bear case doesn't seem as likely consumer real incomes doing okay you can get a job if

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