See you in a bit, Mike. Well, that's the scorecard on Wall Street, but

winter stay late. Welcome to Closing Bell overtime. I am John Fort with

Morgan Brennan. Coming up this hour, the earnings report Wall Street has been waiting for

first republic numbers are due any moment and investors are looking for clues

about the future of the embattled bank we're going to bring you those results

instant analysis as soon as they cross.

And while we wait for those earnings to come through, let's get to today's action.

Joining us are Warren Pies from 314 Research and Emily Hill from Bowersaw Capital Partners.

She joins us on set.

Emily, Warren, great to have you guys.

Warren, I want to go to you first on this one.

You think the market could still go below where we were in October,

you're recommending 45% stocks,

30 to 40 bonds I think in 15% cash.

Why is that where investors at home should be positioned?

Yeah, well thank you for having me.

That's our overall strategic asset allocation recommendations.

It's basically underweight stocks and overweight cash and bills.

And our thesis is that at this point, six months post the October lows.

If you're a bull here, you're basically arguing that we've seen the lows for this cycle. the post-bottom environment. And I would say, absolutely not.

There are obviously some technical factors.

We can get into that that I think are keeping the market bid right here.

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