ICON's Callahan: 'We're in a new market now'

Craig Callahan, founder and chief executive officer at ICON Advisers and the ICON Funds, says that he's not seeing the overpricing you'd expect at a market peak or the bargains visible in typical market bottoms, so he expects the market to "drift higher" over the next six to nine months. But those gains will be led by different stocks and sectors than what drove the market to gains earlier this year. Callahan says the market has turned since May 31, with energy leading, and economically sensitive areas like financials have been strong too; "that really narrow market that we didn't think made sense, it ended May 31st" he said. "We're in a new market now." Also on the show, Kyle Guske, investment analyst at New Constructs revisits a stock that has been in the Danger Zone for years, but that has rebounded well this year to set up the next round of troubles, John Cabble of J.D. Power discusses the firm's latest look into payment patterns and looks at the deteriorating credit situation for most Americans, and Bob Olstein, founder and chief investment officer at Olstein Capital Management discusses stock investing in the Market Call.