Welcome to closing bell. I'm Contessa Brewer and for Scott Wagner today. This make or break hour starts with a record rally.

Taking a breather as earnings roll in and potential signs of froth emerge. Here's a look at the scorecard now with 60 minutes to go in the trading session.

Right now we've got the down near session highs. The S&P 500 tracking for an all-time

closing high. Once again, any close above 6305 would set a new record. The NASDAQ is now pulling back a bit,

as you can see at 20,929. Tech, the worst performing sector. While healthcare is leading the way right now,

you've got the S&B Healthcare Spider up 1.5%. The homebuilders on fire following strong results

from DR Horton and Pulte. Look at D.R. Horton right now up 16 and a half percent, and you've got Pulte

grew up, 11 and a third. I have more on that coming up. But let's start with our talk of the tape.

Is this record rally running on empty? Let's ask Black Rock CIO of fixed income Rick Reeder.

Rick, you came on closing bell in June and you said, this is,

and I'm quoting here, this is the best trading market I've seen in years. We're hovering around

all-time highs again. How much of this is just glitter without substance because we have a

meme revival on coals and open- door technologies that they're soaring.

Ethereum and Bitcoin touching new highs in recent days and SPACs are back. So a month after you said

so, do you still see this as one of the best trading markets? Yeah. So trading market does

necessarily mean we're going straight up. By the way, one of the reasons I think the equity market,

you know, multiples are not great. The amount of cash that's out there and the lack of supply

of equities relative to buybacks, listen, the technicals and equities are extraordinary. So I think

that continues. That being said, the reason why it's such a great trading environment, you can

sell, you know, we sell a lot of call options against our equity

positions, allows us to buy some downside. You know, selling volatility, both in the rates

market, the equity market, this is one of those things that people are buying insurance because

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