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Fast Money

No. 3 - Earnings Hangover?

Earnings season draws to a close this week and as Wall Street wakes up still intoxicated from a quarter that saw earnings growth come in at more than double analysts’ expectations...it's time to pull ourselves together and look at what lies in store.

One thing is certain: all eyes will now be on the economy - growth, inflation, and whether the bearded one's next move will be a rate cut or hike?

Can this bull run continue unabated, or is the party over?

Doug Cliggott Chief Investment Officer at Dover Management joins the guys for this conversation.

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The Top Three #3

Cliggott says earnings growth isn’t as spectacular as the headlines might lead you to believe because of a slowing employment picture.

He expects a housing slowdown to drag down employment and consequently the economy. Consequently, Cligott believes over the next 3-5 years investors will be lucky to see corporate earnings come in at 2%-4% per year. He recommends investing abroad.

Eric Bolling doesn’t agree. He thinks the world is growing so rapidly that strength in other economies will more than off-set domestic weakness.

Jeff Macke adds growth on the corporate earnings side is robust.

Dylan Ratigan says the bottom line here is, Doug Cliggott is looking for a “tell” in the labor market. And only time will tell if he’s right.

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Trader disclosure: On May 14, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Strazzini Owns (HLT), (MER);Bolling Owns (ICE), (NMX), (XOM), Gold, Silver, Coffee, Sugar Bolling Is Short S&P Futures Bolling Is Short Nasdaq Futures:
Cliggott & Clients Of Dover Management Own UltraShort S&P 500 ProShares (SDS)
Cliggott & Clients Of Dover Management Own UltraShort Financials ProShares (SKF)