Zacks' Blank: FAANG stocks will keep the market rolling

John Blank, chief equity strategist and chief economist for Zacks Investment Research, says that valuations are high, but that the Standard and Poor's 500 is buttressed against a downturn by its biggest members -- the famed FAANG stocks plus Microsoft and one or two others -- that have price/earnings ratios of higher than 25, higher than the index p/e of 20. 'We have never had seven companies make up a quarter of [the index],' Blank says, 'and we have never had those seven companies driving 25 or 30 percent annual earnings increases.' Also on the show, Ted Rossman of CreditCards.com talks about back-to-school spending this year, and how more than one-third of all parents are feeling pressured to overspend this year, David Trainer of research firm New Constructs takes a bite of Beyond Meat and chews on the hot stock in the Danger Zone, and Tony Minopoli, president/chief investment officer at Knights of Columbus Asset Advisors makes his debut in the Market Call, talking stocks and stock-picking.