Money Life With Chuck Jaffe Daily Podcast

Steve Cucchiaro, chief investment officer at 3EDGE Asset Management, says we're in a "market melt-up," the last phase of a rally or bubble that creates a buying climax, but that typically ends with trouble. Cucchiaro says valuations are in one of the three greatest periods of overvaluation they have seen in the last century, making them more dangerous than investors expect. As a result, he is holding more in international stocks than domestic issues and is ramping up gold holdings to 10 to 15 percent of the typical client's portfolio.  David Ellison, portfolio manager and financial services specialist for the Hennessy Funds, says he worries that "The market is becoming the economy," where a big decline in markets could drag the broader economy into a deep recession. Ellison likes the positioning of the financial services industry, but he questions both the popularity and impact of rate cuts, noting that from current levels rate reductions might not be good or healthy for the economy. In honor of Halloween, To