Carson Group's Detrick: 'We do not see recession any time soon'

Ryan Detrick, chief market strategist at Carson Group, says the first-half upside surprise from the stock market and economy has positioned the market for a big second half of the year. Detrick says that when the market posts double-digit gains in the first half of the year, historically it has added another 10 percent in the second half; he's forecasting for this year to continue the trend, with the Standard and Poor's 500 projected to gain 21 to 25 percent for the year, a prediction that's way up from the 12 to 15 percent gains he was calling for '23 when he made his annual forecast at the end of last year. Detrick's bullish view was echoed -- albeit for different and more technical reasons -- by Jeff Bishop, chief executive at RagingBull.com, who says the market is no longer range-bound, having broken out to the upside and with most technical indicators suggesting it could get all the way up to all-time high levels before the year is done. Also on the show, securities attorney Kenneth Burdon of Skadden Arps says that rules proposed by the Securities and Exchange Commission would dramatically change liquidity requirements on traditional mutual funds, resulting in a boom for interval funds, and Vern Sumnicht of iSectors.com talks ETFs in the Market Call.