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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.

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.

Got something to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap! Prefer to keep it between us? You can still send questions and comments to fastmoney@cnbc.com.

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)